Wormhole's New W Token Drops 20% After Launch; $3B Market Cap Reached Briefly in Airdrop Frenzy

• Wormhole's new W token launched at $1.66 before dropping 20% to $1.31; hit $3B market cap briefly • Wormhole is a cross-chain bridge allowing assets to transfer between blockchains • W token airdrop began today to over 400K wallets; 1.8B total supply with 617M allocated • Airdrops give away free tokens to attract users, grow community, reward early adopters • 500M W tokens distributed to Wormhole app users across 30+ chains like Ethereum and Solana