Nearly half of the top wallets that received the new zkSync (ZK) token on Monday, June 17, have already sold their entire allocation, leading to a significant 34.5% drop in the ZK token price since its launch.
According to data from blockchain analytics firm Nansen, approximately 41% of tracked addresses sold all their airdropped tokens, while 29.2% sold at least some. In total, this week hands sold over 486 million ZK tokens. Meanwhile, just over 30% of the top receiving wallets have retained their ZK tokens.
The analysis covered the “top 10,000 addresses” that received the ZK airdrop, representing only about 1.4% of the 695,232 wallets eligible for the airdrop of 3.7 billion ZK tokens last week.
The zkSync Association, a nonprofit created last week by zkSync developers Matter Labs, posted on X earlier on June 17 that 45% of the tokens were claimed within two hours, causing some initial network issues due to the heavy load.
As of now, over 491,000 wallets have claimed nearly 75% of the airdropped ZK tokens, according to Matter Labs data scientist Landon Gingerich.
Since its launch, the ZK token has plummeted by 34.5%. It initially peaked at $0.32 but has since dropped to around $0.20, as per CoinGecko. The token has a total supply of 21 billion, giving it a fully diluted value of over $4.4 billion.Â
However, with only 17.5% of its total supply currently on the market, its market capitalization is around $772 million, down from a peak of over $1.1 billion shortly after launch.
An additional 49.1% of the token supply will be distributed through ecosystem initiatives, with 17.2% allocated to investors and 16.1% designated for zkSync developer Matter Labs.
As of now, 78.5% of the one-time token airdrop has been claimed by users, according to a Dune Analytics dashboard. However, 11% of the airdrop reserved for contributors will not be claimable until June 24.
The significant sell-off by top wallets follows criticism of zkSync’s airdrop criteria. Critics argued that the anti-Sybil measures were too lenient, allowing entities with multiple wallets to exploit the airdrop.
In response, the project updated a document on June 15, explaining that aggressive Sybil filtering could falsely flag genuine users. Therefore, they chose a “unique airdrop design” to reward a larger number of organic users.
Also Read: ZKsync Token Debuts Strong with $935M Cap Despite 20% Price Drop
