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Barely a week after its wide debut airdrop, mistaken-chain protocol Wormhole’s native W token has tumbled off a cliff—plummeting over 50% in impress.
At writing, the price of W has fallen to $0.82. That’s down a stark 50.6% on yarn of the token launched final week at $1.66.
Most of that impress has been shed regularly over the final week. W is down only 4.5% within the final 24 hours.
Presented early final month, Wormhole’s airdrop of a local governance token generated powerful excitement in DeFi circles, in particular due to breadth of the offering: as Wormhole enables customers to bridge tokens all the best blueprint thru blockchains, wallets all the best blueprint thru over 30 networks—at the side of Ethereum, Solana, Avalanche, and Sui—had been eligible to rep free W tokens.
All in all, more than 400,000 distinctive wallets could perchance dangle participated within the airdrop, at the side of customers of Solana wallet and alternate Backpack and DeFi aggregator Jupiter; holders of NFTs at the side of Mad Lads, yoots, and DeGods; and energetic contributors within the Wormhole Discord.
When the W token ultimately launched final week—as a local Solana token that became bridged to other blockchain ecosystems using Wormhole’s dangle tech—it became met with instantaneous inquire of. In the critical minutes of the airdrop, more than 37,000 wallets claimed W, in step with Flipside, and the token swiftly eclipsed a market capitalization of $3 billion.
At writing, roughly 140,000 wallets dangle claimed W.
The token’s early momentum is evaporating, nevertheless. W within the within the meantime has a market cap of $1.47 billion.
Fully 1.8 billion W tokens are within the within the meantime in preliminary circulation, nevertheless in step with the coin’s roadmap, the token present will finally create larger to 10 billion.
Edited by Ryan Ozawa.
