I liked the idea behind Auroracoin (1/2 given away with the balance to be mined, even though it didn't go too smoothly), and what it looks like the people of Iceland have done with the banks when things fell apart a few years back.
Hi, Hoian
More than 10% of the population of Iceland accepted the airdrop coins, not just because of "free money", but because of the failed banking system in Iceland, currency controls, rampant inflation, etc. There was and is a genuine interest and hope for a new currency in Iceland. The "Icelandic króna problem", is still the biggest topic in Icelandic news today.
Just when the people got the coins in their hands after the airdrop, some of the people of course sold it for BTC to exchange it for USD and got back again some free ISK. The problem is that Icelanders can't buy Auroracoin because of the
currency controls, i.e. they have to first buy USD, then BTC, then AUR which is prohibitit.
This all happened on day 1 and 2 of the airdrop, which diminished the price. The Airdrop took a year to finish, so there was constant supply of coins and limited interest in buying up AUR while the Airdrop lasted.
NB. those speculators who drove the price up, didn't have that deep pockets to buy up and sustain the initial price. It's not the initial dev team that is responsible for the initial price or that some Icelanders sold their coins.
I'm guessing by the distribution of Auroracoin
https://bitinfocharts.com/top-100-richest-auroracoin-addresses.html that of the initial ~30.000 people who claimed in the first airdrops, about 20-25.000 did not sell and are just holding on to the coins.
The coin has entered a new phase now after the airdrop has finished, the left over coins from the airdrop have been destroyed
https://bitinfocharts.com/auroracoin/address/AURburnAURburnAURburnAURburn7eS4Rf and a new public dev team has stepped up to manage the coin.
An ISK-AUR exchange is in the works, that will allow the people of Iceland to buy and sell Auroracoin for ISK, without currency controls stopping them. This will start a new price discovery within Iceland for Auroracoin, where merchants can sell AUR and normal people can buy it. My hope is that this will put the feet under Auroracoin and be the beginning of a long competition with the Icelandic króna.