ZKsync experiences a 21 decline following airdrop amidst ongoing selling pressure

After a much-anticipated airdrop, ZKsync, an Ethereum-based layer-2 blockchain platform, has seen a significant drop of 21% in its token value, leading to selling pressure. The initial market capitalization of the asset was near $900 million, but the value of the token has plummeted by 21% since then and 26% from its peak of $0.3098. Despite technical issues and concerns over Sybil attacks, nearly half of the ZK tokens were claimed shortly after the airdrop commenced. However, the immediate sell-off by airdrop recipients has led to considerable downward pressure on the token’s price, with trade volume spiking 1,970% to $1.3 billion in the last 24 hours. This pattern was also observed with Notcoin last month, which collapsed by nearly 40% a week after its airdrop due to a surge in selling pressure.