Wormhole just unlocked 1.28 billion W tokens today

That’s 22.8% of the total circulating supply added in one day.
To get a clearer picture, the current market capitalization of W is approximately $78.8 million. The tokens released today come from the team, private investors, ecosystem allocations, and the treasury. This is not retail wallets. These are early participants who now have new supply to move.
The price before the unlock was around $0.014, down from a higher point earlier this year. When a token is under pressure and such a large supply shock occurs, the calculations are not friendly.
No large on-chain transfers have been confirmed as of early April 3rd. This silence could mean two things: either the recipients are holding, or the movements have not yet appeared on public tracking tools. Historical unlock events for Wormhole show a fairly neutral initial reaction, but today’s broader market conditions are different from previous unlocks.
24-hour trading volume is approximately $18 million dollars. Even a small portion of the unlocked tokens being put on the open market would quickly absorb that volume.
Wormhole is a legitimate cross-chain infrastructure project. This does not change the impact of the 22.8% circulating supply increase on price movement in a low-liquidity environment.
The unlock has occurred. Now, watch the wallets.
#Wormhole #altcoins