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.
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