{"id":11761,"date":"2024-02-12T22:18:23","date_gmt":"2024-02-12T22:18:23","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=11761"},"modified":"2024-02-12T22:02:35","modified_gmt":"2024-02-12T22:02:35","slug":"w-token-heats-up-speculators-drive-prices-on-otc-markets","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/w-token-heats-up-speculators-drive-prices-on-otc-markets\/","title":{"rendered":"W Token Heats Up: Speculators Drive Prices on OTC Markets"},"content":{"rendered":"

Even before its distribution, excitement around Wormhole’s W token is running high. Speculators are buying and selling what appear to be “W tokens” on over-the-counter (OTC) markets, pushing the price past $1 despite its official release remaining shrouded in mystery.<\/p>\n

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You might like:\u00a0Bitcoin Surges to $49K Fueled by ETF Inflows<\/em><\/strong><\/a><\/p>\n<\/blockquote>\n

Whales Market data reveals speculation of over $248,300 worth of “W tokens,” raising questions about the nature of these transactions. Are they mere IOUs (I Owe You) or something else entirely?<\/p>\n

Adding to the confusion, eligibility for receiving the tokens is unclear. Wormhole hasn’t shared a public list of addresses, leaving the legitimacy of “sellers” on OTC markets uncertain. Despite this, the average asking price stands at $1.1, hinting at the anticipation surrounding the token’s launch.<\/p>\n

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As reported earlier, Wormhole allocated 1.7 billion W tokens (17% of total supply) for the community airdrop and launch, with an initial circulating supply of 1.8 billion. The remaining 82% will be gradually released over four years. Distribution will occur on both Ethereum (ERC-20) and Solana (SPL) networks.<\/p>\n

Ecosystem and incubation programs receive the largest share (31%), followed by the foundation treasury (23.3%) and core contributors (12%). However, the exact distribution details remain under wraps.<\/p>\n

Wormhole, established in 2021, facilitates communication and asset transfer across different blockchain networks, aiming to break down interoperability barriers.<\/p>\n

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Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0Telegram<\/strong><\/a>,\u00a0YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a> for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Even before its distribution, excitement around Wormhole’s W token is running high. Speculators are buying and selling what appear to be “W tokens” on over-the-counter (OTC) markets, pushing the price past $1 despite its official release remaining shrouded in mystery. You might like:\u00a0Bitcoin Surges to $49K Fueled by ETF Inflows Whales Market data reveals speculation<\/p>\n","protected":false},"author":1,"featured_media":11763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[1703,105,319,4308,4217],"class_list":["post-11761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-erc-20","tag-ethereum","tag-solana","tag-w-token","tag-wormhole"],"yoast_head":"\nW Token Heats Up: Speculators Drive Prices on OTC Markets - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Even before its distribution, excitement around Wormhole's W token is running high. 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