Over 71% of the top ZK holders sold their tokens post-airdrop

The airdrop for zkSync native tokens happened 30 hours ago and over 71% of the top 10,000 addresses sold their tokens completely or partially, according to a dashboard by on-chain data firm Nansen.

Image: Nansen

The dashboard calls the sellers by the slang “jeeters,” and 4,113 addresses jeeted their entire holdings in the last 30 hours, totaling over 347 million ZK tokens. The partial jeeters sold significantly less, as 3,033 wallets dumped nearly 150 million tokens on the market.

The number of the top 10,000 addresses by rewards received that chose to believe in the token equals 2,854, which is 28.5% of all users that got ZK. 

Some investors shared on X that it made sense to hold ZK, as its fully diluted value (FDV) came out below fellow Ethereum layer-2 blockchains, such as Starknet. FDV is a metric used to measure if a token is under or overvalued based on its peers. At the time of writing, ZK price sits at $0.20, and its fully diluted value is at $4.2 billion.

According to a report by data aggregator CoinGecko, ZK holders have a substantial chance to see price growth in the next few days, as 46% of the 50 biggest airdrops took two weeks to reach their all-time highs. Of the 23 tokens in this group, 16 of them took two to 14 days to reach their price peak.

Although this historical pattern doesn’t guarantee profits, some investors might be willing to wait and see how the ZK token will repeat history in the next 13 days.