๐๐Hold on to your hats, BTC enthusiasts!๐๐ ZK tokens, freshly dropped by zkSync, are seeing some serious action. ๐๐Nearly half of the wallets that received the tokens have already sold their entire stash, causing the ZK token to take a nosedive, losing over 30% of its value in less than a day.
๐Nansen data shows that about 41% of the addresses that claimed the tokens have already sold out. Some of these addresses received a whopping 2.4 million tokens and have completely liquidated their allocation.
๐But wait, there's more! Approximately 29.8% of the addresses sold a portion of their tokens. Among the top 10 wallets, three sold small amounts, five kept their entire allocation, and two liquidated 100% of their holdings.
๐Since Monday, over 491 million ZK tokens have been sold post-distribution. However, this data only includes the top 10,000 wallets, which is about 1.4% of the addresses that received the airdrops.
๐Last week, zkSync announced that nearly 695,000 wallets would receive about 3.75 billion tokens in the airdrop. According to Matter Labs expert Landon Gingerich, 491,000 wallets have claimed their share of the airdrop since the reportโs publication.
๐ธ๐ธThe ZK token is currently trading at $0.22, marking a 25% decline over the past 24 hours. With a market capitalization of $825 million, ZK ranks among the top 100 tokens based on total valuation.
๐คThere have been complaints that the zkSync team did not effectively deal with Sybill wallets, as many dodgy wallets qualified for the airdrop. Despite the drama, we're keeping our eyes on the prize and staying optimistic about BTC! ๐๐