Today, Wormhole ($W) is set to unlock approximately 33.3% of its circulating supply, which amounts to about 600 million $W tokens.
This will increase the total circulating supply to 25.78%.
Here’s what to expect with this significant $W unlock
Token Unlocks:
The upcoming unlock stems from the community allocation. Initially, 11% of the tokens were unlocked during the airdrop at the Token Generation Event (TGE). Now, an additional 6% will be unlocked, fully completing the community allocation.
Price vs. Unlock Impact:
The Wormhole Foundation will hold the 600 million $W tokens in trust, intending to use them for future community-related projects. This approach likely means there won’t be any immediate selling pressure from this unlock, which is positive news for $W holders.
🚨 Wormhole ($W) Prepares for a Massive Unlock 🚨
Tomorrow, Wormhole ($W) is set to unlock about 33.3% of its circulating supply, approximately 600 million $W tokens! This event will increase the total circulating supply to 25.78%. Exciting, right ?
Here's what to look forward… pic.twitter.com/sjTT8OiKIp
— Token Unlocks (@Token_Unlocks) August 2, 2024
FDV & Market Cap Comparison with Related Projects:
| LayerZero | Axelar | Wormhole |
|———–|——–|———-|
| Market Cap | $460M | $450M | $442.3M |
| Fully Diluted Valuation (FDV) | $4.1B | $700M | $2.45B |
If there’s no price drop following the Wormhole unlock, $W’s market cap could rise to $600 million, potentially surpassing both LayerZero Labs and Axelar.
Overall, the Wormhole token unlock is a highly anticipated event that could have significant implications for its market position. With the Wormhole Foundation’s strategic management of the unlocked tokens, the impact on the market is expected to be minimal, paving the way for potential growth and strengthening Wormhole’s standing in the crypto space.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.