The Wormhole token was introduced at a price of $1.66 with a market cap of $3 billion on the Solana-based SPL token, which aids in asset and data movement across different blockchains. During its launch, the total supply of "W" tokens was 10 billion, leading to a diluted market cap of $16.50 billion.

In an effort to reward early users, the protocol distributed 617 million W tokens through an airdrop. This initiative resulted in increased network congestion on OpenBook, causing difficulty for users to access their holdings.

The airdropped tokens represent only 6% of the total Wormhole supply, with 12% allocated to contributors and 23.3% to the foundation's treasury. By utilizing W tokens, users gain the ability to participate in governance voting.

Wormhole serves as a primary interoperability platform for multichain applications, offering developers access to users and liquidity from over 30 prominent blockchain networks. This wide reach enhances user trust and network expansion.

Predictions for Wormhole Crypto Price Movement

The MACD technical indicator has shown a flatline post-launch, indicating weak buying and selling pressure in the short term. Additionally, neutral averages suggest uncertainty regarding the future price trajectory of this multichain altcoin.

If demand for W tokens rises, there is potential for the price to retest its high of $1.610 in the upcoming weekend. On the contrary, waning investor interest could lead to a decline in the Wormhole price, possibly breaking its support level and testing a new low of $0.80 soon.