Last week, the cryptocurrency market witnessed the launch of the W token, from the Wormhole cross-chain protocol. Since its bombshell launch, W’s value has plummeted impressively, marking a reduction of over 40% compared to its initial price.
Initially priced at US$1.66, the token is now struggling to maintain its value, fluctuating around US$0.8361 with a drop of more than 40%, despite the more moderate reduction of 4.5% observed in the last 24 hours .
The Wormhole airdrop, announced as a big news in the DeFi world, sparked widespread enthusiasm. The protocol offered a governance token that promised to connect wallets across more than 30 different blockchain networks, including giants like Ethereum, Solana, and Avalanche. With this proposal, more than 400,000 unique wallets were able to participate in the event, encompassing a wide range of participants from Solana and Backpack exchange users to NFT holders and active members on the Wormhole Discord.
The arrival of the W token on the market was meteoric, with more than 37,000 wallets clamoring for their participation in the first moments of launch. This initial fervor briefly lifted its market capitalization beyond $3 billion. To date, around 140,000 wallets have claimed their W tokens, reflecting both the interest and speculation surrounding this new digital asset.
Despite a promising start, W’s upward trajectory now faces a hurdle, with the token’s market cap falling back to $1.47 billion. In the current scenario, 1.8 billion W tokens are in circulation, but this number is expected to grow exponentially, reaching the 10 billion token mark as outlined in the project roadmap.
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Source: https://portalcripto.com.br/criptomoeda-wormhole-w-tem-queda-acentuada-apos-airdrop/
