As I said before, money drying up, airdop becoming scarce and less than a hodl and let's see action like it was in the past, the ecosystem is filled with people who are actually doing it like a standard job the moment they get paid they dump it because they can't afford to keep it, it's their paycheck.
So in a market that desperately needs capital you have this happening, not the best time for them and with lower returns to the guys developing the coins themselves, it's just adds more pain to the picture.
The practice of Airdrop is not that recent, but it has gained a lot of prominence this year, mainly because of the Airdrops by Arbitrum and Jito, which gave away a large amount of tokens with a reasonably small effort
Plenty of airdrops were highly profitable but it as because they nailed the moment, right during a bull run where everyone was keeping them and waiting for a price increase and not just dumping while money was flowing. Witha far larger userbase right now you won;t be able to drop hundreds of
billions so that each one gets even close to a thousand anymore.