Wormhole, a popular cross-chain bridge protocol, is fueling speculation with pre-market trading data suggesting a potential multi-billion dollar airdrop of its upcoming W token.
Wormhole, a popular cross-chain bridge protocol, is fueling speculation with pre-market trading data suggesting a potential multi-billion dollar airdrop of its upcoming W token. On Bybit, W is currently trading at $2.49 on the OTC pre-market, a significant increase compared to its perpetual futures market price a month ago. This surge coincides with Wormhole's published tokenomics and unlock schedule, revealing an initial release of 1.1 billion W tokens and a subsequent community distribution of 600 million over the coming months.
Based on current prices, these figures translate to a potential $2.73 billion airdrop, potentially ranking among the largest in crypto history. Uniswap's UNI token airdrop in September 2020 remains the highest at $6.43 billion.
However, crucial details remain unclear. Wormhole hasn't officially confirmed an airdrop date, and pre-market trading prices are notoriously volatile. Additionally, concerns exist about a potential post-airdrop price collapse, similar to what happened with Starknet's STRK token last month.
Both Wormhole's W and Starknet's STRK share similarities. They have a total supply of 10 billion tokens, and both grant governance rights to holders, enabling them to participate in shaping the project's future. Wormhole secured a $225 million funding round in November 2022, valuing it at $2.5 billion.
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