Wormhole’s Solana Token Plummets 50% Following Enormous Airdrop
In a surprising turn of events, Wormhole’s native Solana token, W, has suffered a major setback after its much-anticipated airdrop, with its value plummeting by over 50%.
As of now, the price of W stands at $0.82, marking a significant decrease from its initial launch price of $1.66 just a week ago.
The decline in value has been gradual over the past week, with only a 4.5% drop in the last 24 hours. This rapid decline has left investors concerned about the token’s future prospects.
Wormhole’s airdrop generated considerable enthusiasm in the DeFi community due to its unique offering. The protocol enables users to bridge tokens across multiple blockchains, providing compatibility with more than 30 networks, including Ethereum, Solana, Avalanche, and Sui. Consequently, over 400,000 unique wallets were eligible to receive free W tokens.
Notably, popular platforms like Solana wallet and exchange Backpack, as well as DeFi aggregator Jupiter, along with NFT holders and active participants in the Wormhole Discord, were among those eligible to claim the airdropped tokens.
The launch of the W token attracted immediate demand, with more than 37,000 wallets claiming their share within minutes, propelling its market capitalization to over $3 billion briefly, according to Flipside.
Currently, approximately 140,000 wallets have claimed W, and the token’s market cap has dwindled to $1.47 billion.
Although only 1.8 billion W tokens are currently in circulation, the coin’s roadmap indicates that the token supply will eventually expand to 10 billion.
Investors are now closely monitoring Wormhole’s next moves to determine whether the token can reclaim its lost value and regain investor confidence in the wake of this significant drop.
Edited by Ryan Ozawa.