Wormhole Token: 25% Dip and Recovery

Wormhole

Following a rapid increase in value, Wormhole’s own token experienced a sharp decline of almost 25% before bouncing back strongly. Additionally, online phishing scams were identified, seeking to exploit the highly anticipated airdrop event.

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On Wednesday, the much-awaited Wormhole airdrop drew significant attention across the cryptocurrency world. However, excitement was tempered as the protocol’s own token saw a significant drop of nearly 25%. Fortunately, it managed to recover by more than 10% afterward.


Wormhole Token Rollercoaster: Fluctuations and Airdrop Excitement

Wormhole’s native token experienced a rollercoaster ride in price, reaching a high of $1.66 before plunging by nearly 25% to $1.25 just two hours after the airdrop. However, it swiftly bounced back, surging by over 10% to $1.50 at the time of writing. Trading volume surpassed $17 million during this period, as per CoinGecko data.

The airdrop garnered attention from prominent figures in the crypto space, including renowned artist Beeple, who shared Wormhole-inspired artwork with his substantial social media following.

The excitement surrounding the airdrop also attracted the attention of scammers. Reports surfaced of phishing scams targeting users eager to participate in the Wormhole airdrop. Crypto enthusiasts, like DefiLlama’s @0xngmi and internet sleuth ZachXBT, took to social media to warn others about potential scams, urging caution amidst the heightened interest in Wormhole’s event.

Wormhole Airdrop: Scam Prevention Efforts and Token Distribution

Pocket Universe, a browser extension dedicated to protecting users from scams and wallet drainages, reported actively blocking numerous scam comments related to the Wormhole airdrop on social media platform X.

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Approximately 400,000 wallets qualify to claim 678,823,000 Wormhole tokens, constituting 6.78% of the total supply of 10 billion tokens. The token is both a native ERC20 token and a native Solana SPL token, with an estimated initial circulating supply of 1.8 billion tokens.

Wormhole concluded a significant funding round last year, securing $225 million and attaining a valuation of $2.5 billion. Notable investors in this round included leading crypto venture capital firms such as Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, and Borderless Capital.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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