Almost half of the leading wallets that received the new zkSync (ZK) token on Monday, June 17, have already offloaded their entire allocation from the airdrop, resulting in a significant 34.5% decline in the price of ZK since its debut.
Information from blockchain analytics company Nansen reveals that close to 41% of monitored addresses swiftly sold all their airdrop tokens, while 29.2% sold at least a portion of their tokens. The combined amount sold by both groups amounted to over 486 million ZK.
A little over 30% of the top recipient wallets have chosen to retain their ZK tokens.
The data focused on the “top 10,000 addresses” that were recipients of the ZK airdrop, although this only represents about 1.4% of the 695,232 wallets eligible for the airdrop of 3.7 billion ZK tokens last week.
zkSync, the nonprofit association established by zkSync developers Matter Labs, reported earlier on June 17 that 45% of the tokens were claimed in less than two hours, causing some initial network disruptions.
As of now, over 491,000 wallets have claimed nearly 75% of the airdropped ZK tokens, according to data compiled by Matter Labs data scientist Landon Gingerich.
The price of ZK has plummeted by 34.5% in the last day, reaching a peak of $0.32 shortly after launch but now hovering around $0.20, as per CoinGecko.
The total supply of the ZK token amounts to 21 billion with a fully diluted value exceeding $4.4 billion.
Despite only 17.5% of its total supply currently being in circulation, its market capitalization stands at approximately $772 million, a decrease from its peak of over $1.1 billion post-launch.
The significant selling activity by top wallets follows zkSync’s response to criticism regarding its airdrop criteria, with some claiming that its anti-Sybil measures were too lenient, allowing entities to exploit airdrops using multiple wallets.
The project updated its document on June 15 to defend its approach, stating that aggressive Sybil filtering could have erroneously identified legitimate users, opting instead for a “unique airdrop design” intended to reward the highest number of genuine users.