Despite the global decline in the cryptocurrency market, Wormhole’s native token (W) has defied the trend by surging 7% in the past 24 hours, reaching a value of $0.6346. This impressive increase has propelled Wormhole’s market capitalization to $1.14 billion, securing its position as the 73rd largest cryptocurrency.
Furthermore, trading volume for W has seen a remarkable 72% surge within the same timeframe, reaching $164 million. Throughout the day, Wormhole has experienced a price range of $0.5788 to $0.671. However, it is important to note that despite these recent gains, Wormhole is still down 60% from its all-time high of $1.61, which was observed on April 3, 2024. As of now, Wormhole is being traded at $0.6361.
The primary reason behind this surge in the price of W is the introduction of Native Token Transfers (NTT) for the W token by Wormhole. This groundbreaking development enables W to be seamlessly utilized across various prominent platforms such as Solana, Ethereum, Arbitrum, Optimism, and Base.
With this update, users can effortlessly transfer W between these networks without encountering any liquidity issues or the need for liquidity pools. Additionally, the token retains its unique functionality within the Wormhole ecosystem.
The introduction of NTT marks the completion of the second phase of Wormhole’s launch roadmap, laying the foundation for an innovative multichain governance system called MultiGov, as well as W staking for governance purposes. These advancements pave the way for future token functionalities, harnessing the power of NTT and a native multichain token.
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