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Whales Market

While no timeframe for W token distribution has been revealed by Wormhole so far, speculators have already started ‘buying’ and ‘selling’ the token. 
Speculators are driving the price of <a href="https://crypto.news/tag/wormhole/" target="_blank" rel="noreferrer noopener">Wormhole</a>‘s anticipated W token above the $1 mark on over-the-counter (<a href="https://crypto.news/tag/otc/" target="_blank" rel="noreferrer noopener">OTC</a>) markets, anticipating significant attention for the yet-to-be-distributed token in the crypto market. 
According to Whales Market data, speculators have traded what appear to be “W tokens” worth a total of $248,300 at the time of writing, even though it remains unclear whether these transactions involve IOUs (I Owe You), representing a debt acknowledgment, or something else. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="392" src="https://crypto.news/app/uploads/2024/02/hdkfsghkdfsjg-1024x392.png" alt="Speculators pump yet-to-be distributed Wormhole's W token above $1 on OTC markets - 24" class="wp-image-14247546">
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 Filled deals with an alleged W token | Source: Whales Market
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</figure> 
It’s also unclear if the sellers qualify as future owners of W tokens, given that Wormhole has not released a public list of eligible addresses for airdrop participation. The average asking price for W tokens currently stands at $1.1 based on trading history on the platform. 
 You might also like: <a href="https://crypto.news/wormhole-raises-225m-after-split-from-jump-crypto/"> Wormhole raises $225m after split from Jump Crypto </a> 
As crypto.news reported earlier, the&nbsp;<a href="https://crypto.news/tag/wormhole/" target="_blank" rel="noreferrer noopener">Wormhole</a>&nbsp;team allocated 1.7 billion (17% of the total supply) of its native token called W for community airdrop and launch, while the initial circulating supply will be set at 1.8 billion W tokens. The protocol plans to begin with an initial circulating supply of 1.8 billion W tokens, with the remaining 82% initially locked. These locked tokens are scheduled for gradual release over a four-year period. 
The distribution of W tokens will occur on both <a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a>‘s ERC-20 standard and <a href="https://crypto.news/tag/solana/" target="_blank" rel="noreferrer noopener">Solana</a>‘s SPL. Among the token allocation plan, the largest share, 31%, is dedicated to ecosystem and incubation, followed by the foundation treasury at 23.3%, and core contributors at 12%. However, the specifics of Wormhole’s distribution plan remain undisclosed at this time. 
Established in 2021, Wormhole operates as a cross-chain protocol facilitating interoperability and communication across various blockchain networks. 
 Read more: <a href="https://crypto.news/wormhole-attacker-transfers-155m-to-dex/"> Wormhole attacker transfers $155m to DEX </a>

Speculators pump yet-to-be distributed Wormhole’s W token above $1 on OTC markets

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