zkSync Plunges 20% After Controversial Airdrop As 41% Of Wallets Offload Tokens

The zkSync worth slumped after over 41% of wallets dumped virtually all of their airdropped tokens.

Out of the ten,000 pockets addresses that Nansen tracks, 4,086 bought all their airdrop allocation of 343 million tokens. One other 2,983 addresses bought a partial allocation of 147 million tokens.

Solely 2,931 pockets addresses, equal to 29% of those who obtained the ZK token airdrop, have but to promote.

The info from Nansen covers 10,000 pockets addresses, which is simply a fraction of the 690,951 addresses eligible for the airdrop. In response to Dune, over 77% of the airdropped tokens have been claimed.

Promoting exercise is taking a toll on the ZK token worth, which rallied yesterday to a report excessive of $0.30 after itemizing on Binance. ZK trades at $0.224 as of 03:58 a.m. EST after plunging 20% previously 24 hours. Buying and selling volumes have spiked by over 7,000%.

zkSync Criticized Over Its Airdrop

The promoting exercise across the zkSync token comes after the challenge confronted criticism for failing to implement anti-sybil measures. In response to critics, failing to implement these measures would result in folks utilizing a number of wallets to say the tokens.

In response to Looksonchain, one consumer obtained over 3 million ZK tokens utilizing 85 wallets. The consumer has already deposited the tokens on exchanges.

Somebody obtained an #airdrop of three.01M $ZK($753K) through 85 wallets!

This airdrop hunter then deposited 2.71M $ZK($678K) into #Binance and bought 300K $ZK for 20 $ETH($69K) through #SyncSwap.https://t.co/U4OKb7bmVWhttps://t.co/VAPmnj9gsj pic.twitter.com/x8YUPAspbK

— Lookonchain (@lookonchain) June 17, 2024

The challenge responded to the issues, saying it used a novel airdrop design to reward natural customers.

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