Nearly half of the major wallets that received the new zkSync (ZK) token on Monday were sold.
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Nearly half of the major wallets that received the new zkSync token (ZK) on Monday have already sold their entire allocation during the airdrop, contributing to a 34.5% drop in ZK price since its launch.
Data from blockchain analytics firm Nansen shows that around 41% of tracked addresses have sold their entire airdrop, while 29.2% have sold at least some of their tokens. The total amount sold by the two groups was more than 486 million Zimbabwean crowns.
Just over 30% of the top receiving wallets held their ZK tokens.
The data covers the “top 10,000 addresses” that received the ZK drop, although it only covers about 1.4% of the 695,232 wallets that zkSync said were eligible for 3.7 billion ZK tokens the last week.
The non-profit zkSync – created last week by zkSync developers Matter Labs – posted on
More than 491,000 wallets accounted for nearly 75% of ZKs airdropped at press time, according to data compiled by Matter Labs data scientist Landon Gingerich.
ZK fell 34.5% over the past day, hitting a high of $0.32 shortly after launch but falling to around $0.20, according to CoinGecko.
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The total token supply stands at $21 billion, with a fully diluted value of over $4.4 billion.
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But with only 17.5% of the 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 .
The big sale of top wallets comes after zkSync defended itself from criticism over its airdrop standards, which some said were too lenient with anti-Sybil measures, which aim to prevent entities from using multiple wallets to play airdrops.
The project updated a document on June 15 to claim that Sybil’s aggressive filtering could have falsely flagged real users. So he chose a “unique airdrop design” that he said was meant to reward the greatest number of organic users.
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