Over 40% of Top ZKSync Airdrop Wallets Quickly Sell Received Tokens
According to Nansen, over 40% of the top 10,000 wallet addresses in the recent ZKSync airdrop swiftly sold off their received tokens immediately after ZK was listed.
Over 40% of Top ZK Airdrop Wallets Sell Tokens. Photo: Unchained Crypto
Nansen's statistics reveal that 41.1% of the highest-receiving 10,000 wallet addresses from ZKSync's airdrop quickly liquidated their token holdings. Additionally, 30.1% of addresses sold off at least a portion, with only 28.83% of wallets opting to retain their ZK holdings.
Statistics on behavior of the top 10,000 recipients of ZK airdrop. Source: Nansen
The total amount of ZK tokens sold from both groups amounted to over 486 million ZK (approximately $150 million USD).
zkSync airdrop is out.
— Mudit Gupta (@Mudit__Gupta) June 11, 2024
Most farmable and farmed airdrop ever probably.
Almost no sybil filtering as far as I can see.
Anyone who knew the criteria could've easily farmed the shit out of it.
Makes you appreciate what LayerZero is trying to do with sybil filtering.
ZKsync airdrop: Is this the endgame for... the whole airdrop industry?
— Stacy Muur (@stacy_muur) June 14, 2024
The timeline & real facts of the $ZK airdrop drama ↓ pic.twitter.com/QQflfbEHu1
Following the airdrop, a majority of wallets opted to sell due to perceived unfair criteria set by ZKSync to prevent sybil issues. The community has voiced mixed opinions following ZKSync's airdrop announcement, criticizing the prioritization of "insider" participants over genuine users.
Someone received an #airdrop of 3.01M $ZK($753K) via 85 wallets!
— Lookonchain (@lookonchain) June 17, 2024
This airdrop hunter then deposited 2.71M $ZK($678K) into #Binance and sold 300K $ZK for 20 $ETH($69K) via #SyncSwap.https://t.co/U4OKb7bmVWhttps://t.co/VAPmnj9gsj pic.twitter.com/x8YUPAspbK
With its "unique airdrop design," ZKSync saw one user receive over 3 million ZK across 85 wallets in this airdrop, as reported on the X platform by Lookonchain.
ZKSync’s airdrop went live at 7am UTC this morning.
— Arkham (@ArkhamIntel) June 17, 2024
It’s one of the largest airdrops EVER - with $907 Million worth of tokens marked for this distribution.
As of 4PM UTC, 66.9% of the airdrop has been claimed by 430,706 addresses - equivalent to 2.46B ZK tokens ($607.6M) pic.twitter.com/qk5iCWOqk9
Despite the controversies, ZKSync's airdrop remains one of the largest to date, with allocated tokens valued up to $907 million USD.
The price of ZK reached $0.2950 USD upon listing on Binance. Shortly thereafter, the price plummeted over 38% due to selling pressure from airdrop recipients and market adjustments on the morning of June 18. Currently, ZK is trading at $0.212 USD.
1-hour chart of ZK/USDT pair on Binance at 4:30 PM on 18/06/2024
