Wormhole (W), the native cryptocurrency of the interoperability platform powering numerous multi-chain applications, has seen a sharp jump of 12% in the past 24 hours, moving all the way past $0.70.
At press time, Wormhole is trading at $0.6786 with a market cap of $1.22 and a daily trading volume of over 150% to over $234 million.
Wormhole’s new governance feature
In the latest development, Wormhole has introduced a Stake for Governance feature for W token holders, marking a significant advance in its decentralized governance roadmap.
This new feature enables token holders to actively participate in governance, thus increasing the decentralization of the project. To ensure security, the wormhole has also implemented a daily transfer limit of 100 million W tokens from Solana (SOL) to EVM chains.
Wormhole is urging W token holders to stake their tokens and engage in governance decisions. Wormhole’s W token is now available on multiple chains, increasing its versatility and utility in decentralized finance (DeFi).
Users can access tokens on Solana, Ethereum, Arbitrum, Optimism, and Base through wormhole native token transfers (NTTs). On Solana, W serves as an SPL token, while on EVM chains, it serves as an ERC20 token.
Will the price of W Token continue to rise?
The 4-hour chart shows that the wormhole price has experienced a significant bull run over the past few weeks, rising from a low of $0.513 on May 14 to a high of $0.718.
The token has slightly crossed the key resistance level of $0.70 and has moved above the 50-period and 25-period moving averages. Notably, the W token has formed a rising wide wedge, a known bearish reversal pattern, and is now hovering near the upper boundary of the wedge.
As a result, there is a risk of a sharp reversal that could take the token to the bottom of the wedge at $0.60. Popular crypto analyst Michael Van de Popp has also added Wormhole to his altcoin portfolio stating that “$W holds its key level and staking has gone live. As long as it holds $0.60, it Should be fine.”