Following the distribution of ZK tokens by zkSync, Nansen data shows that almost half of the wallets receiving the funds have already sold their entire allocation. 📉 This significant sell-off caused the value of the ZK token to drop by more than 30%.

Following the start of the ZK token distribution, analytics platform Nansen states that approximately 41% of the addresses requesting the allocation have already sold all of them. Some addresses that received significant amounts, as much as 2.4 million tokens, completely liquidated their allocations.

However, the data only covers the top 10,000 wallets, which represents approximately 1.4% of the addresses receiving airdrops.

According to Coingecko data, the ZK token has dropped more than 30% in value due to the widespread sell-off. It went as high as $0.30 when it charted, but then dropped to around $0.20. 📊

ZK token is among the top 100 tokens based on total valuation. However, between the price drop and the ongoing token distribution, there are complaints that the zkSync team is not dealing effectively with Sybill wallets.