Author: Jesse Coghlan, CoinTelegraph; Translated by: Wuzhu, Golden Finance
Nearly half of the top wallets that received new zkSync (ZK) tokens on Monday have sold their entire allocation from the airdrop, causing the price of ZK to drop 34.5% since launch.
Data from blockchain analytics firm Nansen shows that nearly 41% of tracked addresses sold their entire airdrop, while 29.2% sold at least some of their tokens. The combined sales from both groups totaled more than 486 million ZK.
Over 30% of the top receiving wallets hold their ZK tokens.
The data covers the “top 10,000 addresses” that received the ZK airdrop, but it only covers about 1.4% of the 695,232 wallets that zkSync said were eligible for the 3.7 billion ZK token airdrop last week.
Nansen tracked the “top 10,000 addresses” that received the ZK airdrop, with addresses that sold in green and addresses that partially sold in yellow. Source: Nansen
The nonprofit zkSync Association (created last week by zkSync developer Matter Labs) posted to X early on June 17 that 45% of tokens were claimed in less than two hours, with the load causing some initial network issues.
As of the time of publishing, more than 491,000 wallets have claimed nearly 75% of the airdropped ZK, according to data compiled by Matter Labs data scientist Landon Gingerich.
According to CoinGecko, ZK has plunged 34.5% in the past day, having reached a high of $0.32 shortly after its launch but has now fallen to around $0.20.
The price of the ZK token has fallen 33.5% in the past 24 hours. Source: Coingecko
The token has a total supply of 21 billion, with a fully diluted value of over $4.4 billion.
But with only 17.5% of the total supply currently on the market, its market cap is around $772 million — down from a peak of $1.1 billion shortly after launch.
The massive sell-off by top wallets came after zkSync defended itself against criticism of its airdrop standards, with some saying its anti-Sybil measures were too lax and designed to discourage entities using multiple wallets to game the airdrop.
The project updated a document on June 15, claiming that aggressive Sybil filtering could falsely flag real users, so it opted for a “unique airdrop design” that it allegedly aimed to reward the most organic users.
