Summary
TLDR: Wormhole’s W token launched at $1.66 before dropping to $1.31. Market cap peaked at $3 billion but now stands at $2.4 billion. Airdrop of 617.3 million W tokens for 400,000 wallets. W token runs on Solana but also extended to Ethereum. Airdrops are a way to attract users and grow community.
Key Points
1. Cross-chain protocol Wormhole’s W token launched Wednesday, reaching a peak price of $1.66 before dropping to $1.31, a 20% decrease in a single day.
2. The market capitalization of the W token briefly touched $3 billion but now stands at around $2.4 billion, making it the 54th largest digital asset according to CoinGecko data.
3. Wormhole is conducting an airdrop of W tokens to over 400,000 unique wallets in its community and launch category, with a total of 617.3 million tokens allocated. Additionally, 500 million tokens will be distributed to users who have interacted with Wormhole applications on over 30 eligible chains, including Ethereum, Solana, and Avalanche.