Discover the Plunge of Wormholeโs 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
Wormholeโs 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 Solanaโs 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 Wormholeโs technology, it immediately gained traction.
- Over 37,000 wallets claimed W in the initial minutes of the airdrop, pushing the tokenโs 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 tokenโs supply is expected to reach 10 billion according to the roadmap.
Hot Take: Analysis and Reflections
As a crypto enthusiast, itโs crucial to stay updated on the market trends and fluctuations affecting various tokens, such as the recent plunge in value experienced by Wormholeโs W token. Understanding the factors contributing to such price movements can provide valuable insights into the volatile nature of the crypto market.
Demian Crypter emerges as a true luminary in the cosmos of crypto analysis, research, and editorial prowess. With the precision of a watchmaker, Demian navigates the intricate mechanics of digital currencies, resonating harmoniously with curious minds across the spectrum. His innate ability to decode the most complex enigmas within the crypto tapestry seamlessly intertwines with his editorial artistry, transforming complexity into an eloquent symphony of understanding.