Crypto: zkSync tokens collapse after AirDrop! For what ?

Blockchain analysis revealed that almost half of the main wallets that received the new zkSync (ZK) token in an airdrop have already sold their entire allocation! Leading to a 34.5% drop in the price of the ZK since its launch. The data covered the “top 10,000 addresses” that received the crypto airdrop, although this represents only 1.4% of the 695,232 wallets eligible for the 3.7 billion ZK token airdrop.

Massive zkSync crypto sale! Airdrop turns into drama

On June 17, the zkSync Association reported that 45% of tokens were claimed in less than two hours! Which caused some initial network issues. To date, more than 491,000 crypto wallets have claimed almost 75% of the ZK airdropped, according to the compiled data.

The ZK crypto reached a high of $0.32 shortly after its launch, but dropped to around $0.20. With only 17.5% of its total supply currently on the market, its market cap is around $772 million, down from its peak of over $1.1 billion shortly after launch.

Is zkSync the cause of its own misfortune?

The massive sell-off by major wallets comes after zkSync defended its airdrop criteria against critics! Some said the anti-Sybil measures were too lax. These measures aim to prevent entities using multiple crypto wallets from manipulating airdrops. The project updated a document on June 15 to claim that aggressive Sybil filtering could have falsely flagged real users, which is why it chose a “unique airdrop design” aimed at rewarding as many users as possible. organic users.

Finally, although the zkSync airdrop was a highly anticipated event in the crypto community, reactions from token holders highlight the volatility and speculative nature of the market. Investors should remain cautious and informed as rapid sell-offs and price fluctuations are common in the digital asset space.