zkSync value drops 20% after controversial airdrop as 41% of wallets dump tokens

The price of zkSync plummeted after more than 41% of wallets dumped almost all of the airdropped tokens.

Out of 10,000 wallet addresses Nansen Tracks, 4,086 sold all of their Airdrop allocation of 343 million tokens. Another 2,983 titles were sold with a partial allocation of 147 million tokens.

Only 2,931 wallet addresses, equivalent to 29% of those that received the ZK token drop, have yet to be sold.

The data from Nansen covers 10,000 wallet addresses, which represents only a small portion of the 690,951 addresses eligible for the airdrop. according to Sand dunesover 77% of airdropped tokens have been claimed.

The selling activity impacted the price of the ZK token, which rose to a record high of $0.30 yesterday after being listed on Binance. ZK is trading at $0.224 as of 03:58 AM EST after falling 20% ​​over the past 24 hours. Trading volumes increased by more than 7,000%.

Criticism of zkSync due to Airdrop

Selling activity around the zkSync token follows the project He faced criticism For their failure to implement anti-Sybil measures. According to critics, failure to implement these measures will result in people using multiple wallets to claim tokens.

According to Looksonchain, one user received more than 3 million ZK tokens using 85 wallets. The user has already deposited tokens on exchanges.

Someone received #Air drop From 3.01 p.m $ZK($753 thousand) across 85 wallets!

This airdrop hunter has deposited 2.71 million $ZK($678 thousand) to #Binance 300 thousand were sold $ZK For 20 $ Ethereum($69,000) via #sinxswap.https://t.co/U4OKb7bmVWhttps://t.co/VAPmnj9gsj pic.twitter.com/x8YUPAspbK

– Loconchain (@loconchain) June 17, 2024

The project responded to concerns, saying It has used a unique airdrop design to reward organic users.

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