Wormhole, the talk of the town, recently unveiled its brand-new W token through an exciting airdrop event last week. With recent X rumors circulating about possible Wormhole Staking and potential airdrops for stakers, a lot is going on. But what’s the deal with the $W price rollercoaster and should you hold onto your tokens or hit that sell button? Let’s dive into the details.
$W Price Action after Airdrop
When the Wormhole Airdrop hit the scene, it was like a whirlwind of anticipation. But as trading kicked off, things got a bit bumpy. The W token, initially soaring to $1.66, took a nosedive to $1.31, leaving many scratching their heads. As of now, it’s lounging at $0.61, down by 10.14% for the day. Some folks are even questioning if the airdrop plan was a flop or if shady characters are lurking in the shadows.
Despite the drama, it’s not uncommon for freshly dropped tokens to face some selling frenzy at the start. So, what’s the deal with Wormhole? Well, it’s like the superhero of crypto bridges, making it a breeze to move your digital goodies across different blockchains. Wormhole’s already rubbing elbows with big shots like Circle and Uniswap, making it a promising player in the crypto game.
So, what went wrong with the airdrop? With over 400,000 wallets getting their hands on W tokens, you’d think it’s party time, right? Wrong. The market cap took a tumble from nearly $3 billion to $2 billion quicker than you can say “crypto crash.” Now it’s chilling at $1.74 billion, leaving many feeling a bit blue.
So, should you hold onto your Wormhole airdrop or cash out? The answer might lie in the stars—or, in this case, the charts.
Personally, I was in New York at NFT NYC when the token airdropped. I wasn’t in time to sell the top, but I managed to sell my airdrop at 1.10$ levels. Am I bearish on $W? For sure not. I’ve been buying back in between 0.60 and 0.70$ to prepare for Wormhole staking.
You can Trade $W on Bybit
Is Workhole Staking Coming to Save $W Token?
If we can believe social media, then yes.
Rumors have been circulating that we can soon stake our $W tokens (although this hasn’t been officially confirmed). On top of that, people are predicting that Wormhole stakers will receive airdrops from projects like Monad and others. If this is true, we cannot confirm it at this stage. Keep an eye on our X account, because we will tweet about it when we know more.
It’s not uncommon for newly released projects to enable staking. For example, Look at Dymension and Celestia. Both allowed staking of their tokens, and both of them got partnerships with other projects to airdrop rewards to the stakers.
You can find more staking & restaking Airdrops right here.
Hopefully, Wormhole follows that same playbook.
My play is simple, we buy $W cheap, or at least we hope our average entry price is cheap. And we wait for the staking to go live. Once live, we split our tokens into a few wallets, around 5k$ worth of $W each and stake away. Hopefully, we get a few juicy airdrops, and if not we think the news of staking going live will be good enough to at least raise the price of $W a little.
As always, NFA, you do you.
Final Words
But the rumor and sell the news. Or, sell the airdrop events. I’m planning to stake my $W for a few weeks, maybe a few months. At least till we get a confirmation of potential airdrops of Monad and others with their snapshot dates.
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You might also like our recent trading blogs about Hong Kong’s ETF approvals, and Bitcoin’s Pre-halving crash.
