[Wormhole’s Solana token plummets 50% after massive airdrop]
Cross-chain protocol Wormhole’s native W token has plummeted in value, losing more than 50% in less than a week after its first airdrop. Currently, the W token price has dropped to $0.82, down 50.6% from last week’s launch price of $1.66. Most of the losses have occurred over the past week, including a 4.5% drop in the past 24 hours.
Early last month, Wormhole announced that it would airdrop its native governance token, attracting widespread attention from the DeFi community. Since Wormhole supports the transfer of tokens between multiple blockchains, users on more than 30 networks, including Ethereum, Solana, Avalanche, and Sui, are eligible to receive free W tokens.
In total, more than 400,000 unique wallets participated in the airdrop, including users of the Solana wallet, Backpack exchange, DeFi aggregator Jupiter, NFT holders such as Mad Lads, yoots, and DeGods, as well as active users of the Wormhole Discord.
When W token was released, it immediately aroused enthusiastic response from the market. According to Flipside, within minutes of the airdrop, more than 37,000 wallets claimed W tokens, and the market value once reached more than $3 billion. Approximately 140,000 wallets have currently claimed W tokens.
However, the token’s initial momentum has faded and it now has a market cap of around $1.47 billion. The initial amount of tokens in circulation is currently 1.8 billion W, but the final supply is expected to reach 10 billion W.
