The Wormhole token debuted with a price tag of $1.66 and a market cap of $3 Billion on the Solana-based SPL token that facilitates the movements of assets and data on various blockchains. With a total supply of 10B “W” tokens, the diluted market cap stood at $16.50 Billion during the launch.
The protocol initiated an airdrop of 617 Million of its newly issued W tokens to its early users. Following its release, the OpenBook experienced increased network congestion, with many users reporting an inaccessibility of their holdings.
The tokens airdropped account for only 6% of the total supply of the Wormhole. Further, it has allotted 12% of the contributors and 23.3% for the foundation’s treasury. With the help of the W tokens, users unlock the ability to participate in the governance voting.
Moreover, it is already the leading interoperability platform that powers multichain applications. Positively, it provides its developers access to users and liquidity of over 30 leading networks in the blockchain, enabling a wider network reach and more trust-building among the users.
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Will Wormhole Crypto Price Increase?
The technical indicator, MACD, displays a constant flatline following its launch, indicating weak buying and selling pressure in the shorter time frame. Moreover, the averages show a neutral trend, highlighting uncertainty in the future price action of this multichain altcoin.
However, if the hype for the W tokens increases, it will prepare to retest its high of $1.610 over the coming weekend. Conversely, a rising disinterest of investors in it could result in the Wormhole price falling to break down its support level and test its new low of $0.80 in the coming time.
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