I have sold everything $W . The issue is not that I criticize the Wormhole project or this token no longer has the potential to increase in value. But this W token is for those who accept being locked in for the long term, at least until the end of 2025.
On the strength side, the project has a real product, is invested in by major funds, leads in the cross-chain area, the current price is approaching the aggregated fund price, has a large community, and the next large token unlock will not happen until April next year.
However, a good project, a strong project with a development roadmap does not necessarily mean that the token must increase in price. The weakness of the project is that too many people participated in FOMO at various price levels due to the project information being very beautifully portrayed, raising large amounts of capital, and airdropping large amounts of tokens to the community. Now it has reached any resistance level, there is selling pressure.
With quite a few people still holding and having FOMO bought, there is no reason for it to push up at this time to offload. Currently, the W token has almost no value in the Wormhole ecosystem, only used to vote on a few things that almost no average user understands what to do, most tokens are only for trading on exchanges. The W token is not even used for bridge fees, so there are no factors to tighten supply.
Moreover, currently, every day W unlocks about nearly 1.5 million tokens to the market, token inflation also makes it difficult for the price to soar, even in an uptrend it is not expected to go x5 or x10. And when everyone thinks there will be a push to offload, it certainly will not happen.
Another big issue is being out of trend, looking at the overall market at the moment, there is no basis for a cross-chain trend to occur, as transferring assets from this system to another has become easier, with many new and old projects in this area to the point of saturation, cross-chain almost has no opportunity to become a trend anymore.
Another issue is that people have high expectations for W because the price is close to the fund price at 0.25. In reality, the project has gone through many rounds of fundraising and only announced the average investment fund price at 0.25. In fact, large funds like Jump, Multicoin, Coinbase invested in this early and their investment price is much lower than the 0.25 figure and they are already in profit. Only smaller, lesser-known funds that came in later invested at higher prices, so the average price of the fundraising rounds is only 0.25.
The remaining peripheral information is that Jump, which people hope will push the price for this, has been quiet for a long time due to investigation news. In fact, a few months ago they also sold off ETH, Sol, and some other coins they were holding to convert to cash, so clearly there is no longer any force to push anymore.
I have been holding this one since 0.6 and DCA-ed to average the purchase price down to 0.26, and now I am quite confident about offloading this to look for other opportunities in the market.
Of course, it may go up and down, there may be technical corrections, but the price will find it hard to escape the range of 0.2-0.4 from now until the end of 2025. If you still have faith, accept to invest and lock in capital for the long term, then stay firm, everyone has their own way of playing.
