Wormhole’s Solana token, W, experienced a significant decline of 50% in value following a massive airdrop. The token’s price dropped to $0.82, down from its initial launch price of $1.66. While the value decline has been gradual over the past week, the token only experienced a 4.5% decrease in the last 24 hours.
The airdrop of Wormhole’s native governance token had generated considerable excitement in the decentralized finance (DeFi) community. With the ability to bridge tokens across different blockchains, over 400,000 unique wallets were eligible to collect free W tokens. This included users of Solana wallet and exchange Backpack, DeFi aggregator Jupiter, NFT holders, and participants in the Wormhole Discord.
During the airdrop, more than 37,000 wallets claimed W within the first few minutes, leading to a temporary market capitalization of over $3 billion. As of now, approximately 140,000 wallets have claimed W, with a current market capitalization of $1.47 billion. The token’s supply is expected to expand from 1.8 billion to 10 billion according to the coin’s roadmap.
Edited by Ryan Ozawa.