zkSync

Nearly half of the top wallets that received the new zkSync (ZK) token on Monday, June 17, have already sold their entire allocation, leading to a significant 34.5% drop in the ZK token price since its launch. 
According to <a href="https://query.nansen.ai/public/dashboards/uHhTXjQbXiR6OCB1BXlmOAujStIPCfJdPleAknZa?org_slug=default" target="_blank" rel="noreferrer noopener nofollow">data</a> from blockchain analytics firm Nansen, approximately 41% of tracked addresses sold all their airdropped tokens, while 29.2% sold at least some. In total, this week hands sold over 486 million ZK tokens. Meanwhile, just over 30% of the top receiving wallets have retained their ZK tokens. 
The analysis covered the “top 10,000 addresses” that received the ZK airdrop, representing only about 1.4% of the 695,232 wallets <a href="https://www.cryptotimes.io/2024/06/11/zksync-to-airdrop-nearly-3-68-billion-of-zk-tokens-next-week/" target="_blank" rel="noreferrer noopener">eligible for the airdrop</a> of 3.7 billion ZK tokens last week. 
The zkSync Association, a nonprofit created last week by zkSync developers Matter Labs, posted on X earlier on June 17 that 45% of the tokens were claimed within two hours, causing some initial network issues due to the heavy load. 
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 More than 45% of the airdropped ZK token supply has been claimed by over 225,000 addresses in less than 2 hours 😳 It's a Monday, don't you have work? <a href="https://t.co/gSA8mc0QOg" target="_blank">https://t.co/gSA8mc0QOg</a>— ZK Nation (@TheZKNation) <a href="https://twitter.com/TheZKNation/status/1802626483770265991?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 17, 2024</a>
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As of now, over 491,000 wallets have claimed nearly 75% of the airdropped ZK tokens, according to Matter Labs <a href="https://dune.com/lgingerich/zk-airdrop" target="_blank" rel="noreferrer noopener nofollow">data</a> scientist Landon Gingerich. 
Since its launch, the ZK token has plummeted by 34.5%. It initially peaked at $0.32 but has since dropped to around $0.20, as per <a href="https://www.coingecko.com/en/coins/zksync" target="_blank" rel="noreferrer noopener nofollow">CoinGecko</a>. The token has a total supply of 21 billion, giving it a fully diluted value of over $4.4 billion.&nbsp; 
However, with only 17.5% of its total supply currently on the market, its market capitalization is around $772 million, down from a peak of over $1.1 billion shortly after launch. 
An additional 49.1% of the token supply will be distributed through ecosystem initiatives, with 17.2% allocated to investors and 16.1% designated for zkSync developer Matter Labs. 
As of now, 78.5% of the one-time token airdrop has been claimed by users, according to a Dune Analytics dashboard. However, 11% of the airdrop reserved for contributors will not be claimable until June 24. 
The significant sell-off by top wallets follows criticism of zkSync’s airdrop criteria. Critics argued that the anti-Sybil measures were too lenient, allowing entities with multiple wallets to exploit the airdrop.&nbsp; 
In response, the project updated a document on June 15, explaining that aggressive Sybil filtering could falsely flag genuine users. Therefore, they chose a “unique airdrop design” to reward a larger number of organic users. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/17/zksync-token-debuts-strong-with-935m-cap-despite-20-price-drop/" target="_blank" rel="noreferrer noopener">ZKsync Token Debuts Strong with $935M Cap Despite 20% Price Drop</a> 
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Nansen Reports 41% of Top ZK Airdrop Receivers Sold Tokens

The Crypto Times

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