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Barely per week after its huge debut airdrop, cross-chain protocol Wormhole’s native W token has tumbled off a cliff—plummeting over 50% in worth.
At writing, the worth of W has fallen to $0.82. That’s down a stark 50.6% because the token launched final week at $1.66.
Most of that worth has been shed steadily during the last week. W is down solely 4.5% within the final 24 hours.
Introduced early final month, Wormhole’s airdrop of a local governance token generated a lot pleasure in DeFi circles, notably as a result of breadth of the providing: as Wormhole permits customers to bridge tokens throughout blockchains, wallets throughout over 30 networks—together with Ethereum, Solana, Avalanche, and Sui—had been eligible to gather free W tokens.
All in all, greater than 400,000 distinctive wallets may have participated within the airdrop, together with customers of Solana pockets and change Backpack and DeFi aggregator Jupiter; holders of NFTs together with Mad Lads, yoots, and DeGods; and energetic contributors within the Wormhole Discord.
When the W token lastly launched final week—as a local Solana token that was bridged to different blockchain ecosystems utilizing Wormhole’s personal tech—it was met with quick demand. Within the first minutes of the airdrop, greater than 37,000 wallets claimed W, in line with Flipside, and the token briefly eclipsed a market capitalization of $3 billion.
At writing, roughly 140,000 wallets have claimed W.
The token’s early momentum is evaporating, nonetheless. W presently has a market cap of $1.47 billion.
Just one.8 billion W tokens are presently in preliminary circulation, however in line with the coin’s roadmap, the token provide will in the end broaden to 10 billion.
Edited by Ryan Ozawa.
