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% drop in the altcoin ZK price since its launch. Data from blockchain analysis firm Nansen shows that approximately 41% of tracked addresses sold their entire airdrop, while 29.2% sold at least some of their tokens. The total amount sold in both groups was over ZK 486 million. Here are the details…
Almost half of the airdrop buyers sold in ZK, the new altcoin that entered the market
The ZKsync (ZK) token has experienced a significant drop in price since its launch on June 12. According to CoinGecko data, ZK lost 34.5% of its value in the last 24 hours, falling to around $0.20. The reason behind this decline is that a significant portion of the wallets that received the airdrop sold their tokens. According to data from blockchain analysis firm Nansen, of the first 10,000 wallets that received the ZK airdrop, almost 41% sold all their tokens, while 29.2% sold some of them. These sales released a total of more than 486 million ZK tokens. Only slightly more than 30% of the initial wallets continue to hold their tokens.
Another factor contributing to the decline in ZK’s price is the token’s supply and demand dynamics. While ZK’s total supply is 21 billion, its current circulating supply is only 17.5%. This situation creates excess supply and sales pressure. Additionally, ZKsync’s airdrop criteria have been subject to criticism, which may have negatively affected the price of the token. Some argued that the airdrop was not stringent enough to prevent Sybil attacks, increasing the number of ill-gotten beneficiaries.
The number of exchanges listing ZK is increasing
Despite the price drop, interest in ZK has not completely disappeared. Following Binance, OKX also joined the exchanges listing ZK. Users can deposit ZK to OKX starting June 18 at 09:00 UTC and trade ZK/USDT pair starting at 11:00 UTC. It remains unclear how the price of ZK will proceed in the coming period. The price of the token will be affected by factors such as general cryptocurrency market trends, the development of the ZKsync platform and the increased use of the token.
As a result, the ZKsync token has experienced a significant price drop recently. Behind this decline lies the sales of airdrop-receiving wallets, the supply and demand dynamics of the token, and criticism of the airdrop criteria. Although the number of exchanges listing ZK has increased, the future of the token remains uncertain.
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