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Following Ethena’s ENA airdrop, the community has shifted its focus on Wormhole’s airdrop W, which has been listed on various centralized exchange platforms and coin market cap aggregators. The new token known as W has seen an extremely volatile day with the price tapping an all-time high at $1.66 per coin.
Wormhole’s New Airdrop W Makes Waves in Crypto Markets
Wormhole‘s cryptocurrency, colloquially known as W, became a focal point in the crypto community this Wednesday following notable market activity. The token plummeted to a record low of $1.25, only to soar to a high of $1.66 per unit, as per market insights. Trading at $1.38 each, W now stands 15% below its peak value, boasting a market capitalization of $2.5 billion, which ranks it as the 50th largest crypto market cap on coingecko.com.
Currently, the circulation of W tokens is at 1.8 billion, against a backdrop of approximately 10 billion W in total supply. This setup values the fully diluted market at close to $13.92 billion. The token is held by 85,233 wallets, with a substantial fraction of its locked assets scheduled for phased release over four years. In the last 24 hours alone, W’s global trading volume hit approximately $928.64 million, with Binance emerging as the leading exchange for the token.
W’s market activity trails the recent ENA airdrop from Ethena, which also experienced heightened trading and volatility in the same timeframe. Wormhole, the architect of cross-chain transactions, declared the commencement of W’s initial distribution phase at the beginning of March. During this period, an IOU market, facilitating trade before the official release of the coin, revealed that W IOU tokens were being traded at $35 each.
What do you think about the W token’s market action on Wednesday? Share your thoughts and opinions about this subject in the comments section below.