The crypto community is abuzz with the latest developments surrounding Wormhole’s W token, which has seen its value surge on OTC markets despite the lack of an official distribution schedule.

Pre-Launch Trading Frenzy

Before Wormhole has announced any plans for the release of their W token, speculators have taken to over-the-counter markets to trade what they believe to be W tokens. These trades have pushed the price above the $1 mark, signaling high expectations for the token’s formal introduction to the crypto sphere.

Unclear Nature of Trades

Based on data from Whales Market, the total value of these speculative trades has reached $248,300. There is, however, a lack of clarity regarding whether these transactions are for actual W tokens or simply IOUs. Furthermore, the legitimacy of the sellers as future W token holders is in question as Wormhole has not yet made public any list of addresses eligible for their airdrop.

Token Pricing and Airdrop Plans

Despite the uncertainty, the average asking price for W tokens is currently $1.1. In terms of distribution, Wormhole has reserved 1.7 billion W tokens for a community airdrop, which represents 17% of the total supply. The initial circulating supply is pegged at 1.8 billion tokens, with the remaining 82% to be released gradually over four years. Distribution will be carried out on both the Ethereum and Solana blockchains.

Allocation and Ecosystem

Wormhole’s token allocation plan earmarks the largest share, 31%, for ecosystem and incubation purposes. This is followed by 23.3% for the foundation treasury, and 12% for core contributors. However, the finer details of the distribution mechanism are still under wraps.

About Wormhole

Launched in 2021, Wormhole has established itself as a prominent cross-chain protocol that enables interoperability and communication between different blockchain networks, thereby enhancing the flow of information and value across the crypto landscape.

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