Wormhole (W) defies the crypto market downturn, surging 12% from $0.6356 to $0.7616.
The integration of Wormhole on the Ethereum (ERC20) network by Binance has boosted W’s rally.
While the global crypto market is displaying a sea of red across all the cryptocurrencies, Wormhole (W), the cross-chain messaging protocol, has seen its price climb by over 12.16% in the last 24 hours, rising from $0.6356 to $0.7616. This surge marks the third consecutive day of gains for Wormhole.
The reason behind this rally could be the successful integration of Wormhole on the Ethereum (ERC20) network by Binance, one of the world’s largest cryptocurrency exchanges. This development, announced on June 7, 2024, now allows users to deposit and withdraw W on the Ethereum network, further expanding its accessibility and utility.
At the time of writing, Wormhole is trading at $0.7609, with a market cap of $1.3 billion. Over the past week, the token has surged by more than 30%, accompanied by a 52% increase in daily trading volume, which now stands at $366 million.
Wormhole (W) Price Chart (Source: CoinMarketCap )
Following the sudden surge in the price of Wormhole, the speculation surrounding the token’s future trajectory is mounting, with investors viewing the possibility of the token reaching the dream $1 mark by June 2024.
Further, this surge in price reflects growing investor trust and confidence in Wormhole’s advancements, particularly its strategic initiatives such as the Stake for Governance feature, enhanced security measures, and crucial partnerships facilitating cross-chain accessibility.