Degens Who Missed Out on Wormhole Airdrop Are Coping by Trading ‘L’

Do you hold one of the nearly 400,000 wallets eligible for Wormhole’s upcoming W token airdrop? If not, you might consider joining the thousands of Solana degens that took an “L”—or rather, who are trading the L token.

Launched less than 24 hours ago by unknown parties, the Lormhole (L) token on Solana is a tried-and-true meme coin, turning a crypto trend into a token that’s being traded amid the fallout from users who missed out on Wormhole’s anticipated drop. And it’s posting massive gains.

“If you missed $W… get ready to hold this $L,” reads the pinned tweet from the Lormhole account on Twitter.

Trading at a price of just over $0.006 as of this writing, the token has already jumped 75,000% in value since launching earlier Thursday. About 8,000 wallets have traded the token so far, according to data from DexScreener, and it has a market cap of over $6 million.

the ticker is L pic.twitter.com/ehpQoe9kDq

— Lormhole (@LormHole) March 7, 2024

“Lormhole is the weading interoperabiwity pwatform powering muwtichain appwications and bridges at scawe,” reads the project’s Twitter bio, turning Wormhole’s cross-chain marketing message into a baby-talk riff that accompanied another buzzy Solana meme coin.

Solana has become the destination for meme coins in recent months thanks to the network’s low fees—thousands of new tokens per day were being minted in December as traders tried to find the next 1,000x pump amid the rise of Solana meme coin BONK. Now there’s BONK, WIF, WEN, and various tokens based on poorly-drawn versions of politicians with misspelled names.

In this case, Lormhole is really leaning into the “take the L” framing. On Thursday, the project tweeted that it will airdrop 40% of the token supply to “key individuals and communities within the ecosystem.” Later, the project added:

“Today will be spent hand-selecting communities that have continuously taken L after L. Communities that endure regardless of what the flavor of the month is. There will be no hoops to jump through and the rules won’t change last-minute. Hold this fucking $L.”

Meanwhile, the creators behind NFT projects like DeGods, Okay Bears, and Claynosaurz have been vying—perhaps jokingly—to get in on the L airdrop. DeGods holders were listed as being eligible for the Wormhole airdrop, though many users have tweeted that the W airdrop checker shows them as being ineligible.

“I think I know a community that loves to take Ls,” DeGods creator Rohun “Frank” Vora replied to the Lormhole account.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Edited by Ryan Ozawa.

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