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Writer's picturemeowdini
Jun 182 min read

41% of Top ZK Airdrop Wallets Dump Tokens, Price Falls 34.5%


41% sell-off crashes ZK price 34.5%. Learn about the impact on the market and the controversy surrounding the zkSync airdrop.

In a surprising turn of events, nearly half of the top wallets that received zkSync’s new ZK token airdrop on June 17 have sold their entire allocation. This mass sell-off has led to a significant 34.5% drop in the token's price, raising questions and concerns within the crypto community.


Line chart showing a steep decline, representing the plunge in ZK token price following a large sell-off by top airdrop recipients.
Can you believe it? Almost half the top ZK airdrop wallets cashed out, sending the price plummeting! What are your thoughts on this airdrop strategy? Head to the link in bio to learn more!

Key Points:


Mass Sell-Off Details:

  • Data from blockchain analytics firm Nansen reveals that 41% of the top 10,000 airdrop recipients sold their entire ZK token allocation.

  • An additional 29.2% sold at least a portion of their tokens.

  • The total amount sold across these groups exceeded 486 million ZK tokens.


Token Distribution and Market Cap:

  • The airdrop covered around 1.4% of the 695,232 eligible wallets, with over 491,000 wallets claiming nearly 75% of the airdropped tokens.

  • The ZK token’s price dropped from a high of $0.32 to approximately $0.20.

  • The token has a total supply of 21 billion, with a current market capitalization of about $772 million, down from an initial $1.1 billion.


Sybil Resistance Criticism:

  • zkSync faced criticism over its airdrop criteria, with concerns about lax anti-Sybil measures.

  • The project defended its approach, stating aggressive filtering could have falsely flagged legitimate users, opting instead for a design rewarding organic users.


Market Reaction:

  • Bitcoin mining stocks outperformed Bitcoin itself in the first half of June, contrasting the significant decline in ZK token value.

  • Investors reacted positively to Core Scientific’s deal with AI firm CoreWeave, showcasing varied responses within the crypto market.



The sharp sell-off of zkSync’s ZK tokens by top wallets has significantly impacted the token’s value and sparked debates about the airdrop's design and execution. As the market adjusts to these developments, it underscores the need for robust anti-Sybil measures and strategic distribution plans in future airdrops. Learn more about crypto scam awareness and how to identify legitimate investment opportunities.


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