Ramazan Eles 
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: Bitcoin Surges to $49K Fueled by ETF Inflows
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?
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.
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.
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.
Wormhole, established in 2021, facilitates communication and asset transfer across different blockchain networks, aiming to break down interoperability barriers.