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🔥🔥Wormhole token slides 24% before recovering slightly following airdrop🔥
🎉Cross-chain messaging protocol Wormhole opened airdrop claims for its governance token, named W, Wednesday morning.
Some recipients celebrated so-called Wormhole Wednesday by cashing out on their allotment, leading W’s price to fall 24% within a few hours of the token beginning to trade, according to CoinGecko. The token would quickly recover though, settling at a smaller dip from its opening price by press time.
6.78% of W’s supply was set aside for the airdrop, an allocation worth roughly $855 million at current prices.
Read more: Wormhole’s W airdrop to ‘acknowledge and reward’ dedicated users
Wormhole is a multi-chain protocol, but it initially launched W as an SPL token on Solana. The protocol facilitates the movement of assets and data between blockchains.
The project cited the blockchain’s “scalability, low transaction costs, and rapid processing times.” It will soon expand to Ethereum and its layer-2s.
It was not immediately clear how much W had been claimed Wednesday morning, but Wormhole’s blockchain explorer shows a swift uptick in transactions following the airdrop.
W is meant to serve as a Wormhole governance token, a common use case for community tokens. The forthcoming Wormhole DAO will be a multi-chain DAO operating on Solana, Ethereum and layer-2s.
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