41% of ZKsync Airdrop Recipients Sell Entire ZK Allocation: Report
The much-awaited airdrop of ZKsync’s native token, ZK, has seen a large number of recipients sell their tokens within just 24 hours of the token’s launch.
According to data from blockchain analytics firm Nansen, nearly 41% of the top 10,000 addresses that received the ZK token have completely sold their airdrop allocation. The data also shows that an additional 29.2% have sold at least a portion of their tokens.
Key points:
- 41% of the top 10,000 addresses sold their entire ZK airdrop allocation.
- 29.2% of the top 10,000 addresses sold at least some of their ZK tokens.
- The total amount sold exceeds 486 million ZK tokens.
- Only 30% of the top receiving wallets have held onto their ZK tokens.
- The top 10,000 addresses represent just 1.4% of the 695,232 wallets eligible for the airdrop.
The selling pressure from these top wallets has caused the price of ZK to drop by 36%. The token hit a high of $0.32 shortly after its debut but has since dropped to around $0.20, according to CoinMarketCap data.
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45% of ZKsync airdrop claimed within first 2 hours
The ZKsync Association announced on X that 45% of the tokens were claimed within the first two hours of the airdrop.
Over 491,000 wallets have claimed nearly 75% of the airdropped ZK tokens, according to data compiled by Matter Labs data scientist Landon Gingerich.
The ZK token has a total supply of 21 billion, with a fully diluted value of over $4.4 billion. However, with only 17.5% of the total supply currently in circulation, the token’s market capitalization stands at around $764 million.
