- Wormhole’s W token launched on Wednesday, hitting a price of $1.66 before dropping to $1.31, with a market cap of around $2.4 billion.
- Wormhole is a cross-chain protocol that allows the transfer of crypto assets across different blockchains, and it is airdropping over 6 billion W tokens to more than 400,000 eligible wallets.
- The W token runs natively on Solana but has also been extended to Ethereum as an ERC-20 token using Wormhole’s cross-chain technology.
The Wormhole token airdrop kicked off this week, sending the new token’s price soaring before a sharp decline. Wormhole is a cross-chain protocol that allows transferring crypto across different blockchains. Its native token, W, launched on Wednesday and briefly hit a price of $1.66 before dropping to around $1.31. Let’s take a closer look at the airdrop and the new token’s wild debut.
Wormhole Airdrop Begins
The airdrop started on Wednesday, with Wormhole distributing W tokens to more than 400,000 unique wallets across its community. In total, 6.173 billion W tokens were allocated for airdrop users, out of an initial circulating supply of 18 billion. The airdrop is designed to attract users and grow Wormhole’s community in the early days. Some 500 million tokens are being distributed to those who have used Wormhole apps across more than 30 eligible chains, including Ethereum, Solana, and Avalanche.
W Token’s Volatile Debut
CoinGecko data shows that W briefly reached a market cap of $3 billion after launching at $1.66. However, the price quickly tumbled to around $1.31, slashing the market cap to $2.4 billion – still enough to rank W as the 54th largest cryptocurrency. The launch mirrors other hyped token distributions, with an initial spike followed by a comedown. Still, Wormhole has succeeded in creating buzz and attracting interest around its cross-chain focus.
Wormhole’s Tech and Goals
Wormhole aims to drive seamless transfers of crypto assets between different blockchains. Its tech has enabled W to launch natively on Solana but also as an ERC-20 token on Ethereum. Looking ahead, Wormhole hopes to leverage the airdrop and W token to further decentralize its network while making it more accessible and secure. If it succeeds, it could become a key infrastructure player in an increasingly multi-chain crypto landscape.
Conclusion
The Wormhole airdrop and launch of W token has certainly made a splash. While the price has dropped from its brief peak, the token has still debuted in the top 60 coins by market cap. Wormhole has generated excitement and increased awareness for its vision of interconnected blockchains. As the project works to build out its technology and community, the W token will likely remain volatile – but could establish itself as a core component of cross-chain crypto.
