tl;dr
Wormhole's W token experienced a volatile launch, reaching $1.66 before declining to $1.31, marking a 20% decrease in a day. The market capitalization peaked at $3 billion but now stands at nearly $2.4 billion, ranking 54th among digital assets. Over 400,000 unique wallets are receiving W tokens thr...
Wormhole's W token experienced a volatile launch, reaching $1.66 before declining to $1.31, marking a 20% decrease in a day. The market capitalization peaked at $3 billion but now stands at nearly $2.4 billion, ranking 54th among digital assets. Over 400,000 unique wallets are receiving W tokens through an airdrop, with 617.3 million tokens allocated. Additionally, 500 million tokens will be distributed to users of Wormhole applications across 30 eligible chains. The W token operates natively on Solana and is also available on Ethereum as an ERC-20 token using Wormhole's cross-chain technology.
Cross-chain protocol Wormhole’s W token launched Wednesday, hitting a price of $1.66 before taking a nosedive. The price of W now stands at $1.31, down 20% on the day. CoinGecko data shows that the asset’s market capitalization flirted with $3 billion at that short-lived peak price. It now stands at nearly $2.4 billion, making it the 54th biggest digital asset. Wormhole is a project that allows the transfer of crypto coins and tokens across different blockchains—known as a bridge. The W airdrop started today, and Wormhole is giving out tokens to more than 400,000 unique wallets across its “community and launch” category, with 617.3 million W tokens allocated for those users. The initial circulating supply is 1.8 billion tokens.
In the crypto space, airdrops are designed to help new projects try to attract users: They dish out free tokens or coins with the hope of growing their community and rewarding early users and contributors, all while hopefully boosting the price of the protocol’s asset in the process. Some 500 million tokens will be handed out to those who have used a Wormhole application across more than 30 eligible chains—including major projects Ethereum, Solana, and Avalanche. Its W token natively runs on Solana, the blockchain behind the fifth biggest digital coin, SOL. However, it’s also been extended to Ethereum as an ERC-20 token using Wormhole’s own cross-chain tech.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.