{"id":23027,"date":"2024-06-18T13:00:03","date_gmt":"2024-06-18T10:00:03","guid":{"rendered":"https:\/\/coinengineer.io\/?p=23027"},"modified":"2024-06-18T11:16:09","modified_gmt":"2024-06-18T08:16:09","slug":"zksync-token-plummets-34-5-as-nearly-half-of-airdrop-recipients-sell-off-allocations","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/zksync-token-plummets-34-5-as-nearly-half-of-airdrop-recipients-sell-off-allocations\/","title":{"rendered":"zkSync Token Plummets 34.5% as Nearly Half of Airdrop Recipients Sell Off Allocations"},"content":{"rendered":"<p>Almost fifty percent of the top wallets that got the new <strong>zkSync (ZK)<\/strong> coin on Monday have already sold their whole allocation in the airdrop, therefore influencing a 34.5% decline in the price of ZK since its introduction. According to data from blockchain analytics company Nansen, 29.2% of tracked addresses sold at least portion of their tokens while over 41% sold their whole airdrop. Over 486 million ZK was sold overall across both cohorts.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/zksync-token-plummets-34-5-as-nearly-half-of-airdrop-recipients-sell-off-allocations\/#Mass_Sell-Off_Contributes_to_Sharp_Decline_in_ZK_Price\" title=\"Mass Sell-Off Contributes to Sharp Decline in ZK Price\">Mass Sell-Off Contributes to Sharp Decline in ZK Price<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/zksync-token-plummets-34-5-as-nearly-half-of-airdrop-recipients-sell-off-allocations\/#Breakdown_of_Wallet_Activity_Post-Airdrop\" title=\"Breakdown of Wallet Activity Post-Airdrop\">Breakdown of Wallet Activity Post-Airdrop<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/zksync-token-plummets-34-5-as-nearly-half-of-airdrop-recipients-sell-off-allocations\/#zkSyncs_Response_to_Airdrop_Criticism_and_Market_Reactions\" title=\"zkSync\u2019s Response to Airdrop Criticism and Market Reactions\">zkSync\u2019s Response to Airdrop Criticism and Market Reactions<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Mass_Sell-Off_Contributes_to_Sharp_Decline_in_ZK_Price\"><\/span>Mass Sell-Off Contributes to Sharp Decline in ZK Price<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>According to CoinGecko, the <strong>ZK token<\/strong>\u2014which peaked at $0.32 soon after launch\u2014has dropped to about $0.20. This substantial decline corresponds with a major sell-off among most of the top receiving wallets. From around $1.1 billion to roughly $772 million, the market capitalization of the token has also dropped sharply.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Breakdown_of_Wallet_Activity_Post-Airdrop\"><\/span>Breakdown of Wallet Activity Post-Airdrop<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Of the top receiving wallets, only over thirty percent have kept onto their ZK tokens. Though it just covers roughly 1.4% of the 695,232 wallets <strong>zkSync<\/strong> said were qualified for its airdrop of 3.7 billion ZK tokens last week, the data covered the &#8220;top 10,000 addresses&#8221; that received the ZK airdrop.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/layer-3-xai-pushes-ethereum-tps-to-unprecedented\/\"><em><span style=\"font-weight: 400;\">This Might Interest You: Ethereum TPS Hits Record High Thanks to Layer 3 Surge<br \/>\n<\/span><\/em><\/a><\/p>\n<p>Created last week by zkSync developers Matter Labs, the charity zkSync Association wrote to X earlier on June 17 that 45% of the tokens were claimed in within two hours, with the load generating some initial network problems. Data produced by Matter Labs data scientist Landon Gingerich shows over 491,000 wallets claiming almost 75% of the airdropped ZK as of publication.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"zkSyncs_Response_to_Airdrop_Criticism_and_Market_Reactions\"><\/span>zkSync\u2019s Response to Airdrop Criticism and Market Reactions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Following <strong>zkSync&#8217;s<\/strong> defense against criticism of its airdrop policies, top wallets&#8217; main sell-off comes from Critics felt the anti-Sybil rules were too loose, allowing entities using several wallets to game airdrops to go unpackled. The project revised a June 15 paper claiming aggressive Sybil filtering could have wrongly detected actual users, so it selected a &#8220;unique airdrop design&#8221; it said aimed to reward the biggest amount of organic users.<\/p>\n<p>Even with the policies, the first sell-off has generated notable market volatility. It will be interesting to see how the value of the token and market confidence will settle as <strong>zkSync<\/strong> negotiates this demanding phase.<\/p>\n<p><a href=\"https:\/\/t.me\/coinengineernews\"><em><span style=\"font-weight: 400;\">Click here to get the latest news from Coin Engineer!<\/span><\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Almost fifty percent of the top wallets that got the new zkSync (ZK) coin on Monday have already sold their whole allocation in the airdrop, therefore influencing a 34.5% decline in the price of ZK since its introduction. According to data from blockchain analytics company Nansen, 29.2% of tracked addresses sold at least portion of<\/p>\n","protected":false},"author":6,"featured_media":23029,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,1],"tags":[6874,6884],"class_list":["post-23027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","category-crypto-news","category-genel","tag-zk-token","tag-zksync-zk"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>zkSync Token Plummets 34.5% as Nearly Half of Airdrop Recipients Sell Off Allocations - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/zksync-token-plummets-34-5-as-nearly-half-of-airdrop-recipients-sell-off-allocations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"zkSync Token Plummets 34.5% as Nearly Half of Airdrop Recipients Sell Off Allocations - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Almost fifty percent of the top wallets that got the new zkSync (ZK) coin on Monday have already sold their whole allocation in the airdrop, therefore influencing a 34.5% decline in the price of ZK since its introduction. 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