Update: Learn about the recent sale
From a promising start at $1.61 in its March 3, 2024 debut, Wormhole (W) had to shed quite a bit of volume, closing at $1.3149 and currently trading at $0.80, marking a 49% drop from its ATH.
Market capitalization has also decreased from 3 billion USD to 1.5 billion USD, Wormhole is in 69th position in the market, according to
CoinMarketCap.
Although the trading volume was 362 million USD in the last 24 hours and 1.8 billion W in circulation out of a total supply of 10 billion, several factors have contributed to the vcl price drop:
1️⃣ SCAM News: Hackers have targeted Wormhole's $850 million airdrop event, causing investors to worry about the project's legality and security risks.
2️⃣ "warmhole" fake token: A clone token appeared after the coin recently listed on Binance, attracting attention and potentially influencing the price of W as memecoin DEV teams took advantage of the opportunity to follow suit .
Understanding these challenges, Wormhole has set its sights on expanding its code to the ETH network and other Layer 2 layers, promising future growth and resilience.
If you accidentally swing W, just keep it, sooner or later you'll fly again, don't worry too much!
