Nearly half of the top wallets that received the new zkSync (ZK) token on Monday have already sold their entire allocation in the airdrop, contributing to a 34.5% fall in the price of ZK since its launch.

Data from blockchain analytics firm Nansen shows that nearly 41% of tracked addresses sold their entire airdrop, while 29.2% sold at least some of their tokens. The total amount sold across both cohorts was over 486 million ZK.

Just over 30% of the top receiving wallets have held onto their ZK tokens.

The data covered the “top 10,000 addresses” that received the ZK airdrop, though it only covers around 1.4% of the 695,232 wallets zkSync said were eligible for its airdrop of 3.7 billion ZK tokens last week.

The nonprofit zkSync Association — created last week by zkSync developers Matter Labs — posted to X earlier on June 17 that 45% of the tokens were claimed in under two hours, with the load causing some initial network issues.

Over 491,000 wallets have claimed nearly 75% of the airdropped ZK as of publication, according to data compiled by Matter Labs data scientist Landon Gingerich.

ZK has plummeted 34.5% in the last day, it hit a high of $0.32 shortly after launch but has dropped to around $0.20, according to CoinGecko.

The token has a total supply of 21 billion with a fully diluted value of over $4.4 billion.

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But with only 17.5% of its total supply currently on the market, its market capitalization stands at around $772 million — falling from its over $1.1 billion peak shortly after launch.

The major sell-off by top wallets comes after zkSync defended itself from criticism of its airdrop criteria, which some said was too lax with its anti-Sybil measures, which aim to stop entities that use multiple wallets to game airdrops.

The project updated a document on June 15 to claim aggressive Sybil filtering could have falsely flagged real users, so it chose a “unique airdrop design” it said aimed to reward the highest number of organic users.

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