Almost half of the leading wallets that received the new zkSync (ZK) token on June 17 have already sold their entire share from the airdrop, resulting in a significant 34.5% decrease in the price of ZK since its debut.
According to data from blockchain analysis company Nansen, approximately 41% of monitored addresses have sold all of their airdrop tokens, while 29.2% have sold some. The combined total of ZK tokens sold by both groups exceeds 486 million. Just over 30% of the top receiving wallets have chosen to hold onto their ZK tokens.
The data focuses on the “top 10,000 addresses” that received the ZK airdrop, representing about 1.4% of the 695,232 eligible wallets identified by zkSync for its airdrop of 3.7 billion ZK tokens.
The zkSync Association, a non-profit organization established by zkSync developers Matter Labs, reported earlier on June 17 that 45% of the tokens had been claimed within two hours of release, causing initial network problems.
As of now, over 491,000 wallets have claimed nearly 75% of the airdropped ZK tokens, as per data collected by Matter Labs data scientist Landon Gingerich. The price of ZK has fallen by 34.5% in the last day, dropping from a high of $0.32 to around $0.20, according to CoinGecko.
With a total supply of 21 billion and a fully diluted value exceeding $4.4 billion, only 17.5% of ZK’s total supply is currently circulating in the market, resulting in a market capitalization of approximately $772 million, down from its peak of over $1.1 billion right after launch.
The significant sell-off by top wallets follows zkSync’s defense against criticism of its airdrop criteria, which some argued were too lenient regarding anti-Sybil measures aimed at preventing entities from exploiting airdrops using multiple wallets.
In response to the backlash, the project updated its document on June 15, stating that aggressive Sybil filtering could have mistakenly identified genuine users, hence opting for a unique airdrop design intended to reward the highest number of authentic users.