Speculators pump yet-to-be distributed Wormhole’s W token above $1 on OTC markets

While no timeframe for W token distribution has been revealed by Wormhole so far, speculators have already started ‘buying’ and ‘selling’ the token.

Speculators are driving the price of Wormhole‘s anticipated W token above the $1 mark on over-the-counter (OTC) markets, anticipating significant attention for the yet-to-be-distributed token in the crypto market.

According to Whales Market data, speculators have traded what appear to be “W tokens” worth a total of $248,300 at the time of writing, even though it remains unclear whether these transactions involve IOUs (I Owe You), representing a debt acknowledgment, or something else.

Filled deals with an alleged W token | Source: Whales Market

It’s also unclear if the sellers qualify as future owners of W tokens, given that Wormhole has not released a public list of eligible addresses for airdrop participation. The average asking price for W tokens currently stands at $1.1 based on trading history on the platform.

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As crypto.news reported earlier, the Wormhole team allocated 1.7 billion (17% of the total supply) of its native token called W for community airdrop and launch, while the initial circulating supply will be set at 1.8 billion W tokens. The protocol plans to begin with an initial circulating supply of 1.8 billion W tokens, with the remaining 82% initially locked. These locked tokens are scheduled for gradual release over a four-year period.

The distribution of W tokens will occur on both Ethereum‘s ERC-20 standard and Solana‘s SPL. Among the token allocation plan, the largest share, 31%, is dedicated to ecosystem and incubation, followed by the foundation treasury at 23.3%, and core contributors at 12%. However, the specifics of Wormhole’s distribution plan remain undisclosed at this time.

Established in 2021, Wormhole operates as a cross-chain protocol facilitating interoperability and communication across various blockchain networks.

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