The overwhelming majority. Forgd's Airdrop Framework documents that Uniswap's airdrop saw approximately 93% of recipients sell their tokens, with 75% selling within the first week.

Only about 7% were still holding weeks after claiming. This pattern is remarkably consistent across projects — most airdrops see 70-95% of recipients sell within the first 30 days, with sell pressure concentrated in the first 48-72 hours.

This is not a failure of airdrop design — it is baseline behavior. Plan for 80-90% sell-through in your financial modeling and design your liquidity strategy accordingly. The goal of an airdrop is distribution and community formation, not holder retention at any cost.