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Will Wormhole Lead Interpolable Platforms or Lose the Price Race?

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Wormhole is one of the biggest interoperability platforms, which powers various applications and bridges. It provides developers access to liquidity and users on over 30 leading networks. 

It enables multiple use cases that span over Defi, NFT, Dao and more. The fully integrated blockchain can use cross-chain dApps to send and receive tokens and NFTs. The platform can also verify and publish messages to and from the network.

Source: Wormhole.com

It is used by some of the biggest platforms like Circle and Uniswap. Wormhole Connect is a cutting-edge front-end development tool designed to simplify the transfer of wrapped and native tokens directly into any application. 

It can be an invaluable tool for developers looking to incorporate the cross-chain capabilities. It is crucial for development as it offers essential permissionless access to cross-chain data and value transfer. Let’s have a look at Wormhole’s on-chain activity.

Wormhole Leads in Cross-Chain Activity with USDC and WETH

Wormhole has a modular structure that works with other chains as it is their layers. It helps Solana assets to be valuable and interpolable to the different chains. Wormhole makes it easier for developers to build tokens and dApps on a cross-chain architecture for maximal performance.

Source: Wormhole Scan

Wormhole observed more than 140k+ transactions last month. The transfers from arbitrum and optimism remained the highest in terms of transaction.  Meanwhile, based on the transaction count, WETH remained one of the most frequently transferred tokens in May 2024. 

In the last 30 days, Wormhole token transfers remained highest in Solana, leading with 3738 txs, while BSC and Sui had over 1800txs combined.

Source: W token Dex trade by Solscan

Wormhole token has a total supply of 10,000,000,000 W, of which 18% is circulating in the market. It has a total of 86468 holders, which has seen a slight growth in the past few weeks. The number of W token trades on DEX has observed a surge, reaching 5 million. Let’s have a look at the price action scenario of the W token. 

Is the Magic of the W Token Fading Away?

Ritika_TCR on TradingView.com

The W token has a market cap of $1.1 Billion and is ranked 80th in the CMC. The volume of the asset price has observed a decline of 40% in the intraday session. It is trading near the value of $0.639, with a decline of 2% in the past 24 hours. The W token price was observed to be at an all-time high on April 3, 2024, of $1.61, and it is now down by 60% from there.

W token price is currently forming consolidated candles on the 4-hour chart. It is trading below the 50 and 100 EMA. The upside trend of the W token price can see a halt near $1, while the support price can be observed near $0.4.

The RSI of the W token price is currently near 52 with a negative slope. The overall sentiment of RSI is bearish in nature.

Conclusion

Wormhole protocol is observing a surge in overall transfers and transactions. Meanwhile, DEXs are seeing a growth in overall W token trading. The W token price is currently in consolidation but can see a new high in the future.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

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