Ronin

zkSync

Nearly half of the top wallets that received the new zkSync (ZK) token on Monday, June 17, have already sold their entire allocation in the airdrop, contributing to a 34.5% fall in the price of ZK since its launch.
<a href="https://query.nansen.ai/public/dashboards/uHhTXjQbXiR6OCB1BXlmOAujStIPCfJdPleAknZa?org_slug=default" target="_blank" rel="noopener nofollow">Data</a> from blockchain analytics firm Nansen shows that nearly 41% of tracked addresses sold their entire airdrop, while 29.2% sold at least some of their tokens. The total amount sold across both cohorts was over 486 million ZK. 
Just over 30% of the top receiving wallets have held onto their ZK tokens.
The data covered the “top 10,000 addresses” that received the ZK airdrop, though it only covers around 1.4% of the 695,232 wallets <a href="https://cointelegraph.com/learn/a-beginners-guide-to-the-zksync-ecosystem">zkSync</a> said <a href="https://cointelegraph.com/news/zksync-zk-token-airdrop-announced-wallets-eligible"></a><a href="https://cointelegraph.com/news/zksync-zk-token-airdrop-announced-wallets-eligible">were eligible for its airdrop</a> of 3.7 billion ZK tokens last week. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/6bee1251-8f43-4d97-ad53-5002b81ba0f2.png" alt="" title="">
 <figcaption style="text-align: center;">
 Nansen tracked the “top 10,000 addresses” that received the ZK airdrop, with those who sold (green) and partially sold (yellow). Source: Nansen
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The nonprofit zkSync Association — created last week by zkSync developers Matter Labs — <a href="https://x.com/TheZKNation/status/1802626483770265991" target="_blank" rel="noopener nofollow">posted</a> to X earlier on June 17 that 45% of the tokens were claimed in under two hours, with the load causing <a href="https://cointelegraph.com/news/zksync-token-launch-network-load-rpc-issues">some initial network issues</a>.
Over 491,000 wallets have claimed nearly 75% of the airdropped ZK as of publication, <a href="https://dune.com/lgingerich/zk-airdrop" target="_blank" rel="noopener nofollow">according</a> to data compiled by Matter Labs data scientist Landon Gingerich.
ZK has plummeted 34.5% in the last day, it hit a high of $0.32 shortly after launch but has dropped to around $0.20, <a href="https://www.coingecko.com/en/coins/zksync" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/5f822b89-c97e-4539-8a41-565edbb26354.png" alt="" title="">
 <figcaption style="text-align: center;">
 The ZK token’s price has dropped 33.5% over the past 24 hours. Source: CoinGecko
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The token has a total supply of 21 billion with a fully diluted value of over $4.4 billion.
Related: <a href="https://cointelegraph.com/news/bybit-restructures-executive-team-airdrop-fiasco">Bybit restructures executive team following $26M airdrop fiasco</a>
But with only 17.5% of its total supply currently on the market, its market capitalization stands at around $772 million — falling from its over $1.1 billion peak shortly after launch.
The major sell-off by top wallets comes after zkSync defended itself from criticism of its airdrop criteria, which some said <a href="https://cointelegraph.com/news/zksync-token-airdrop-criticism-sybil-vulnerabilities">was too lax</a> with its anti-Sybil measures, which aim to stop entities that use multiple wallets to game airdrops.
The project <a href="https://cointelegraph.com/news/zksync-defends-sybil-measures-binance-does-zk-airdrop">updated a document</a> on June 15 to claim aggressive Sybil filtering could have falsely flagged real users, so it chose a “unique airdrop design” it said aimed to reward the highest number of organic users.
Magazine: <a href="https://cointelegraph.com/magazine/bots-airdrops-push-ronin-to-no-2-blockchain-for-daily-users-not-pixels-fans/">Bots, airdrops push Ronin to No.2 blockchain for daily users — Not Pixels fans</a>

41% of top ZK airdrop wallets have already sold everything — Nansen

Cointelegraph

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