Speculators Drive Wormhole’s W Token Price Above $1 on OTC Markets
Speculators in the crypto market are already buying and selling Wormhole’s anticipated W token, driving its price above $1 on over-the-counter (OTC) markets. Whales Market data shows that speculators have traded “W tokens” worth $248,300, although it is unclear if these transactions involve IOUs or something else.
The sellers’ eligibility as future owners of W tokens is also uncertain since Wormhole has not released a public list of eligible addresses for airdrop participation. The average asking price for W tokens is currently $1.1 based on trading history on the platform.
Wormhole’s Token Allocation and Distribution Plan
Wormhole plans to allocate 1.7 billion W tokens (17% of the total supply) for community airdrop and launch, with an initial circulating supply of 1.8 billion W tokens. The remaining 82% will be locked and gradually released over four years. The distribution will occur on both Ethereum’s ERC-20 standard and Solana’s SPL.
The largest share of token allocation, 31%, is dedicated to ecosystem and incubation, followed by the foundation treasury at 23.3% and core contributors at 12%. However, specific details of Wormhole’s distribution plan have not been disclosed.
About Wormhole
Established in 2021, Wormhole is a cross-chain protocol that enables interoperability and communication across different blockchain networks.
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