Discover Wormhole's expansive W Token airdrop, Bitcoin's dramatic recovery, and Revolut's MetaMask integration in today's crypto updates.
Wormhole Reveals Airdrop Details for W Token

Wormhole Reveals Airdrop Details for W Token

Discover Wormhole's expansive W Token airdrop, Bitcoin's dramatic recovery, and Revolut's MetaMask integration in today's crypto updates.

Last update:
Mar 7, 2024
| Issue

Welcome to another edition of Datawallet Daily. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

Wormhole Reveals Airdrop Details for W Token

Wormhole is setting the stage for an expansive airdrop of its W governance token, aiming to bolster its push for decentralization. Almost 400,000 wallets are queued to benefit across major chains like Ethereum and Solana, with a distribution of 617.3 million W tokens. The lion's share, 500 million tokens, is reserved for users active across Wormhole's extensive network spanning over 30 chains, with additional allocations for community and crypto enthusiasts.

The team has introduced a way for users to check their eligibility, keeping the actual airdrop date close to the chest. The W token will be accessible across key ecosystems, leveraging Wormhole's technology for effortless cross-chain transactions, highlighting the protocol's commitment to seamless blockchain interoperability.

The buzz for the W token is real, with pre-market activity suggesting a hefty valuation, potentially setting the airdrop's value at over $1.5 billion and the initial circulating supply's market cap at around $4.5 billion. At this valuation, the W token airdrop stands to be one of the largest in 2024.

Bitcoin’s Rollercoaster Ride: ATH, Dip, and Swift Comeback

The cryptocurrency market showcased its volatility when Bitcoin first soared to an all-time high, only to subsequently drop by 15% and then recover. The initial slide, largely attributed to profit-taking and miners selling off their holdings, was quickly countered by a strong buying demand. Bitcoin’s recovery was further bolstered by stable inflows into spot Bitcoin ETFs, despite the market-wide sell-off and over $1 billion in liquidations. 

This rebound was supported by anticipation of the April Halving event, which is expected to reduce mining rewards and potentially drive Bitcoin’s price towards $150,000 due to increased scarcity and sustained demand from both retail and institutional investors. Other major cryptocurrencies, such as Solana’s SOL, Cardano’s ADA, and Ether, also began to recover losses, benefiting from Bitcoin’s resurgence.

Revolut Enables Direct Crypto Purchase Into MetaMask

Revolut has unveiled “Revolut Ramp,” a collaboration with MetaMask to streamline the process of purchasing cryptocurrencies directly into MetaMask wallets for users in the U.K. and EEA. This initiative allows Revolut account holders to use their fiat balances or Visa/Mastercard for transactions, simplifying the addition of crypto to self-custody wallets. 

This development is part of Revolut’s expansion into the crypto market, including plans to launch a new cryptocurrency for advanced traders amidst adapting to regulatory changes in the U.K. by the Financial Conduct Authority concerning crypto promotions.

LUNA Surges 77% as Do Kwon Evades Extradition

The cryptocurrencies LUNA and LUNA Classic surged, with LUNA jumping 77% following news that Terra founder Do Kwon may evade extradition from Montenegro to face charges in the U.S. or South Korea. This rally temporarily breathed life into the assets nearly two years after a crash that wiped out $60 billion in value. 

However, the gains were short-lived; LUNA’s price receded from its peak, reflecting fleeting optimism among supporters rather than a sustainable recovery. Kwon’s legal situation remains uncertain, with ongoing proceedings in Montenegro potentially leading to trials in either the U.S. or South Korea, despite the brief market enthusiasm.

Other breaking news

For the latest updates on digital asset markets, follow us on X @Datawalletcom.