41% of top ZK airdrop wallets have already sold everything: Nansen

    2024.06.18 | exchangesranking | 32onlookers

    Nearly half of the top wallets that received the new zkSync (ZK) token on Monday have already sold their entire allocation in the airdrop, contributing to a 34.5% fall in the price of ZK since its launch.

    Data from blockchain analytics firm Nansen shows that nearly 41% of tracked addresses sold their entire airdrop, while 29.2% sold at least some of their tokens. The total amount sold across both cohorts was over 486 million ZK.

    Just over 30% of the top receiving wallets have held onto their ZK tokens.

    The data covered the “top 10,000 addresses” that received the ZK airdrop, though it only covers around 1.4% of the 695,232 wallets zkSync said were eligible for its airdrop of 3.7 billion ZK tokens last week.

    Nansen tracked the “top 10,000 addresses” that received the ZK airdrop, with those who sold (green) and partially sold (yellow). Source: Nansen

    The nonprofit zkSync Association — created last week by zkSync developers Matter Labs — posted to X earlier on June 17 that 45% of the tokens were claimed in under two hours, with the load causing some initial network issues.

    Over 491,000 wallets have claimed nearly 75% of the airdropped ZK as of publication, according to data compiled by Matter Labs data scientist Landon Gingerich.

    ZK has plummeted 34.5% in the last day, it hit a high of $0.32 shortly after launch but has dropped to around $0.20, according to CoinGecko.

    The ZK token’s price has dropped 33.5% over the past 24 hours. Source: CoinGecko

    The token has a total supply of 21 billion with a fully diluted value of over $4.4 billion.

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    But with only 17.5% of its total supply currently on the market, its market capitalization stands at around $772 million — falling from its over $1.1 billion peak shortly after launch.

    The major sell-off by top wallets comes after zkSync defended itself from criticism of its airdrop criteria, which some said was too lax with its anti-Sybil measures, which aim to stop entities that use multiple wallets to game airdrops.

    The project updated a document on June 15 to claim aggressive Sybil filtering could have falsely flagged real users, so it chose a “unique airdrop design” it said aimed to reward the highest number of organic users.

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