zkSync

One of the most popular and hyped Zksync (ZK) projects today, on June 17, 2024, gained massive attention from investors, traders, and retailers after getting listed on several popular exchanges like Binance, Bybit, KuCoin, and many other platforms. Besides its listing on top exchanges,ZKsync, a layer-2 blockchain platform, has initiated the much-anticipated airdrop of its ZK token. Within just two hours, 45% of the tokens were claimed according to a post from the officials. Airdrop Hunter claims 3.01 million ZK tokens 
Following this airdrop claim, an on-chain analytic firm, Lookonchain, made a post on X, highlighting that someone received a massive airdrop of 3.01 million ZK tokens worth $753k via 85 wallets. Later, this individual deposited a massive 2.71 million ZK tokens worth $678k into Binance. Additionally, Lookonchain also cited that this airdrop hunter sold the remaining 300k ZK tokens for 20 ETH worth $69k via SuncSwap.
Someone received an
This is not the only instance of whales depositing massive amounts of ZK tokens and selling them off. This sell-off has been observed in the price of ZK tokens following its listing. ZK token price analysis 
The token debuted at $0.31 but has since dropped 20%, and is now trading near $0.22, according to data from CoinMarketCap.However, the current market capitalization is approximately $862 million, calculated from the circulating supply, with a total of 3.7 billion tokens eligible for distribution. On a fully diluted basis, the market cap would be $4.9 billion.
The token distribution plan was outlined by the Matter Labs team last week. Of the total supply, 89% is allocated to <a href="https://news.todayq.com/airdrop-alert-3-6-billion-zksync-tokens-up-for-grabs-next-week/" rel="noopener noreferrer nofollow">ZKsync users </a>who have transacted on the platform and met certain activity criteria. The remaining 11% is distributed among ecosystem contributors. Additionally, Matter Labs disclosed that 16.1% of the tokens are reserved for employees, and 17.2% for investors, both of which will be locked for a year and then released over the following three years.

2.7 million zkSync airdrop deposit to Binance, Sell-off incoming?

Todayq News

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