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Only a week after its large debut airdrop, cross-chain protocol Wormhole’s native W token has fallen off a cliff and misplaced greater than 50% in worth.
On the time of writing, the worth of W has fallen to $0.82. That is a pointy drop of fifty.6% because the token launched final week at $1.66.
Most of that worth has fallen steadily over the previous week. W is down simply 4.5% within the final 24 hours.
Introduced early final monthWormhole’s airdrop of a local governance token brought about quite a lot of pleasure in DeFi circles, primarily as a result of breadth of its providing: as Wormhole permits customers to bridge tokens throughout blockchains, wallets throughout greater than 30 networks – together with Ethereum, Solana, Avalanche and Sui – have been eligible to gather free W tokens.
In whole, greater than 400,000 distinctive wallets may have participated within the airdrop, together with customers of the Solana pockets and alternate Backpack and DeFi aggregator Jupiter; holders of NFTs, together with Mad Lads, yoots and DeGods; and energetic members within the Wormhole Discord.
When the W token lastly launched final week – as a local Solana token bridged to different blockchain ecosystems utilizing Wormhole’s proprietary expertise – demand was instantly created. In accordance with the primary minutes of the airdrop, greater than 37,000 wallets claimed W Reverseand the token briefly eclipsed a market cap of $3 billion.
On the time of writing, roughly 140,000 wallets have claimed W.
Nevertheless, the token’s early momentum is evaporating. W at present has a market cap of $1.47 billion.
There are at present just one.8 billion W tokens in circulation, however in line with the coin’s roadmap, the token provide will finally enhance to 10 billion.
Edited by Ryan Ozawa.