Discover the Plunge of Wormhole’s Native Token, W
Only a week after the major airdrop launch, the native token of the cross-chain platform Wormhole, W, has plummeted by over 50% in value.
A Closer Look at the Price Drop
The price of W has dropped to $0.82, a significant 50.6% decline from its launch price of $1.66 just a week ago.
- The value of W has steadily decreased over the past week, with a 4.5% decline in the last 24 hours.
Excitement Surrounding the Airdrop
Wormhole’s airdrop of its native governance token caused a stir in the DeFi community, drawing interest due to its wide range of offerings.
- Users across more than 30 networks, including Ethereum, Solana, Avalanche, and Sui, were eligible to receive free W tokens.
- Over 400,000 unique wallets could participate in the airdrop, including users of Solana’s Backpack exchange and Jupiter DeFi aggregator.
The Launch of W Token
When the W token was launched last week as a native Solana token bridged to other blockchain ecosystems using Wormhole’s technology, it immediately gained traction.
- Over 37,000 wallets claimed W in the initial minutes of the airdrop, pushing the token’s market cap to over $3 billion.
Current Status of W Token
Currently, approximately 140,000 wallets have claimed W, with a market cap of $1.47 billion.
- The initial circulation of W tokens is 1.8 billion, but the token’s supply is expected to reach 10 billion according to the roadmap.
Hot Take: Analysis and Reflections
As a crypto enthusiast, it’s crucial to stay updated on the market trends and fluctuations affecting various tokens, such as the recent plunge in value experienced by Wormhole’s W token. Understanding the factors contributing to such price movements can provide valuable insights into the volatile nature of the crypto market.
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