- Over 41% of monitored addresses sold all of their airdrop tokens.
- Of the top receiving wallets, little more than 30% have kept their ZK tokens.
The price of zkSync (ZK) has dropped 16.15% in the last 24 hours. And over half of the top wallets that got the token on Monday, June 17, have already sold their entire allotment in the airdrop.
While the early load caused some network troubles. The non-profit zkSync Association—which was established last week by Matter Labs, the developers of zkSync—posted on X earlier on June 17 that 45% of the tokens were claimed in less than two hours.
As of publishing, data provided by Matter Labs data scientist Landon Gingerich shows that over 75% of the airdropped ZK had been claimed by over 491,000 wallets.
Massive Sell-off
According to data compiled by blockchain analytics company Nansen, over 41% of monitored addresses sold all of their airdrop tokens. While 29.2% sold some tokens. Over 486 million ZK was the total amount sold in both batches.
Of the top receiving wallets, little more than 30% have kept their ZK tokens. Although the data only covers only 1.4% of the 695,232 wallets that zkSync claimed were eligible for its 3.7 billion ZK token airdrop last week. It does include the “top 10,000 addresses” that got the airdrop.
The price of ZK has fallen by 16.15% in the last day. From its initial price of $0.32 to its current level of about $0.21, as per data from CMC. Top wallets’ massive sell-off follows zkSync’s defense of its airdrop criteria. Which were criticized for being overly lenient in its anti-Sybil safeguards meant to prevent entities from gaming airdrops by using numerous wallets.
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