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Home»ADOPTION NEWS»Wormhole tokens fell nearly 25% before bouncing back due to Beeple posts and phishing scams.
ADOPTION NEWS

Wormhole tokens fell nearly 25% before bouncing back due to Beeple posts and phishing scams.

By Crypto FlexsApril 3, 20242 Mins Read
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Wormhole tokens fell nearly 25% before bouncing back due to Beeple posts and phishing scams.
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The highly anticipated Wormhole airdrop appeared to gain attention across cryptocurrencies on Wednesday, with the protocol’s native token rallying more than 10% after falling nearly 25%.

After surging to a high of $1.66 as of 7:46 a.m. ET, Wormhole’s token has since fallen nearly 25%, hitting $1.25 about two hours after the 7:30 a.m. ET airdrop, according to CoinGecko. As of this writing, Wormhole’s token has rallied more than 10% and is trading at $1.50 as of 1:01 PM ET.

At the time of writing, trading volume exceeded $17 million, according to CoinGecko data.

Parallel to Wormhole’s fluctuating price, the airdrop attracted attention from some high-profile figures in the cryptocurrency industry, including world-renowned artist Beeple. Art inspired by wormholes He has over 780,000 followers.

Art inspired by wormholes. Image: Beeple’s X profile.

Phishing scam

Blockbuster airdrops also seemed to bring would-be scammers out of the woodwork. X user @0xngmi, DefiLlama, posted an image on the social media platform formerly known as Twitter to highlight alleged scams posted online.

Internet sleuth Zach “Be careful, there are too many accounts with a gold checkmark in their replies posting phishing scams.” ZachXBT posted on.

“We are blocking hundreds of fraudulent comments. worm-hole “Airdrop claim”, Pocket Universe also Posted in. The company is a browser extension that protects users from scams and wallet drains.

Nearly 400,000 wallets can claim 678,823,000 Wormhole tokens, representing 6.78% of the total 10 billion supply. The tokens are a native ERC20 token and a native Solana SPL token, with an initial circulating supply estimated at 1.8 billion.

Last year, Wormhole closed a $225 million funding round, giving it a valuation of $2.5 billion. Investors included top cryptocurrency VCs such as Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, and Borderless Capital.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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