Data from blockchain analytics firm Nansen reveals that nearly half of the top wallets receiving zkSync's new ZK token on Monday have sold their entire allocation, contributing to a 34.5% drop in ZK's price since its launch.
Nansen's data shows that 41% of the top 10,000 addresses, which account for 1.4% of the total eligible wallets, sold all their ZK tokens. An additional 29.2% sold at least some of their tokens, with the total amount sold exceeding 486 million ZK. Only 30% of these top wallets retained their ZK tokens.
The zkSync Association reported that 45% of the tokens were claimed within two hours of the airdrop, causing some initial network issues. To date, over 491,000 wallets have claimed nearly 75% of the airdropped tokens, according to Matter Labs data scientist Landon Gingerich.
Since its launch, the price of ZK has plummeted 34.5%, dropping from a high of $0.32 to around $0.20. The token has a total supply of 21 billion, giving it a fully diluted value of over $4.4 billion. However, with only 17.5% of the total supply currently in circulation, the market capitalization stands at approximately $772 million, down from a peak of over $1.1 billion.
The major sell-off by top wallets follows criticism of zkSync's airdrop criteria. Some argued that the measures were too lenient in preventing Sybil attacks, where entities use multiple wallets to exploit airdrops. In response, zkSync updated its airdrop strategy to balance aggressive Sybil filtering with rewarding the highest number of organic users.
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