The hot topic Wormhole recently unveiled its new W token through an exciting airdrop event last week. There has been a lot happening on But what’s the deal with the $W price roller coaster and should you hold your tokens or hit the sell button? Let’s take a look at the details.
W dollar price action after airdrop
When wormhole airdrops hit the scene, it was like a whirlwind of anticipation. But as trading began, things got a bit rocky. The W token, which initially soared to $1.66, plummeted to $1.31, leaving many scratching their heads. The current price is sitting at $0.61, down 10.14% over the day. Some people are questioning whether the airdrop plan was a failure or whether a suspicious character is lurking in the shadows.
Despite the drama, it is not uncommon for freshly dropped tokens to initially face frenzied selling. So what’s the deal with wormholes? Well, it’s like the superhero of cryptocurrency bridges, allowing you to easily move your digital content to various blockchains. Wormhole is already competing with giants like Circle and Uniswap and has become a promising player in the cryptocurrency game.
So what was wrong with the airdrop? With over 400,000 wallets getting their hands on W tokens, it’s time to party, right? wrong. Market cap fell from nearly $3 billion to $2 billion faster than you can say “crypto crash.” Now it has cooled to $1.74 billion, leaving many feeling a bit depressed.
So should you keep the wormhole airdrop or cash it out? The answer may lie in the asterisk. In this case it’s on the chart.
Personally, I was at NFT NYC in New York when the token was airdropped. It was not the time to sell at the highest price, but I sold the airdrop at around $1.10. Am I bearish on $W? Certainly not. I bought it again between $0.60 and $0.70 to prepare for wormhole staking.
You can trade $W on Bybit
Can I save $W tokens through Workhole Staking?
If social media is to be believed, yes.
There are rumors (although not officially confirmed) that you will soon be able to stake $W tokens. Additionally, people are predicting that Wormhole stakers will receive airdrops from Monad and other projects. If this is true, it cannot be confirmed at this stage. stay tuned ourBecause I’ll tweet when I know more.
It is not uncommon for newly launched projects to enable staking. Take Dymension and Celestia for example. Both allowed token staking, and both partnered with other projects to airdrop rewards to stakers.
You can check out more staking and restay airdrops here.
Fortunately, Wormhole follows the same playbook.
My play is simple. We want to buy W dollars cheaply, or at least have a low average entry price. And we wait for staking to be activated. Once activated, you stake your tokens by splitting them into several wallets worth about $5,000 each. Hopefully, we can get a few nice airdrops, and if not, I think the news of staking starting will be enough to at least increase the price of $W a bit.
As always, NFA, you do it.
final words
But rumors sell news. Or sell an airdrop event. I plan on putting up W dollars for a few weeks, maybe months. At least until we see potential airdrops with snapshot dates from Monad and others.
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You might also like our recent trading blogs on Hong Kong’s ETF approval and Bitcoin’s pre-halving crash.
