Is Wormhole About to Crash? W Price Drops 18% as Whale Money Shifts to Slothana
Wormhole’s W token is down 18% in the last 24 hours, barely two days after listing on Binance, according to data by CoinGecko.
The losses come amidst a broader market pullback that has shaved 2.2% off the price of Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization.
Market leader Bitcoin (BTC) has remained virtually unchanged since 24 hours ago.
The world’s favorite cryptocurrency actually grew 0.5% intraday, but at $66,654, it’s currently trading about 5% lower than it was this time last week.
Among the top 20 cryptocurrencies by market capitalization, Solana (SOL) posted the biggest depreciation. SOL fell 7.5% overnight to trade at $172.
So, Wormhole’s W token is following broader market patterns, however, it appears to be one of the heaviest losers today.
Over on the trading chart, we can see a steady depreciation in price since the listing two days ago.
W initially traded with a lot of volatility, but this has largely stabilized over the last two days.
The W token’s Relative Strength Index (RSI) is currently in the mid-fifties.
Overall, W has relatively accurate pricing at the minute, however, we can see the RSI dropped below 40 three times in the last 24 hours, indicating heavy selling.
Wormhole entered the market at $1.66 a token with a $3 billion market capitalization. Each W token grants holders governance voting rights over the cross-chain interoperability protocol.
Delegation can take place on Solana or any of the compatible Ethereum-based chains in a process that is being dubbed the “first ever” multichain governance system.
However, Wormhole is a tough sell. To start with, as a cross-chain bridging protocol, so it’s a lot more vulnerable to hacks.
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