PANews reported on June 18 that according to Cointelegraph, nearly half of the main recipients of the new zkSync (ZK) tokens received on Monday have sold all the tokens they received from the airdrop, causing the price of ZK to plummet by 34.5% since its listing. According to data from blockchain analysis company Nansen, nearly 41% of the tracked addresses have sold all the airdropped tokens, and 29.2% have sold at least some of the tokens, with a total of more than 486 million ZK tokens sold. Only 30% of the recipients retained their ZK tokens.
The data covers the “top 10,000 addresses” that received the ZK airdrop, which represents just 1.4% of the 695,232 eligible wallets for the 3.7 billion ZK token airdrop announced by zkSync last week. The nonprofit zkSync Association said that 45% of the tokens were claimed in less than two hours on June 17, leading to initial network issues.
According to Matter Labs data scientist Landon Gingerich, as of the time of publication, more than 491,000 major accounts have claimed nearly 75% of the airdropped ZK tokens. According to CoinGecko data, ZK has plummeted 34.5% in the past day, from its listing high of $0.32 to about $0.20. The total supply of the token is 21 billion, with a market value of approximately $772 million, a sharp drop from its initial listing peak of over $1.1 billion.
The major recipient sell-off occurred after zkSync defended its airdrop standards, critics said its anti-Sybil measures were too loose and easy to be manipulated by multiple accounts. zkSync updated the document saying that it avoids accidentally hurting real users and chooses a unique airdrop design to reward real users.
