Almost half of the leading wallets that received the new zkSync (ZK) token on Monday, June 17, have already offloaded their entire allocation from the airdrop, resulting in a 34.5% drop in the price of ZK since its introduction.
Data provided by blockchain analytics company Nansen reveals that approximately 41% of monitored addresses have sold all of their airdrop tokens, while 29.2% have sold some of their tokens. The total amount sold by both groups amounts to over 486 million ZK.
Just over 30% of the top recipient wallets have chosen to keep their ZK tokens. The data examined the “top 10,000 addresses” that received the ZK airdrop, representing around 1.4% of the 695,232 wallets eligible for the 3.7 billion ZK token airdrop last week.
zkSync mentioned that the nonprofit zkSync Association, established by Matter Labs, announced on June 17 that 45% of the tokens were claimed in less than two hours, causing initial network problems.
As of now, over 491,000 wallets have claimed nearly 75% of the airdropped ZK tokens, according to data collected by Matter Labs data scientist Landon Gingerich. ZK has experienced a 34.5% decrease in the last day, reaching a high of $0.32 shortly after its launch but dropping to around $0.20, as reported by CoinGecko.
The ZK token’s price has dropped by 33.5% in the past 24 hours, with a total supply of 21 billion and a fully diluted value exceeding $4.4 billion. Despite only 17.5% of its total supply being in circulation, its market capitalization currently stands at approximately $772 million, down from its peak of over $1.1 billion shortly after launch.
The significant selling activity by top wallets follows zkSync’s defense against criticism of its airdrop criteria, which some deemed too lenient in terms of anti-Sybil measures aimed at preventing entities from manipulating airdrops by using multiple wallets.
The project updated a document on June 15, stating that aggressive Sybil filtering could have mistakenly flagged genuine users, leading to the adoption of a “unique airdrop design” intended to reward the highest number of legitimate users.
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