Wormhole’s native token (W) rose by over 8% to $0.6346 in 24 hours despite the crypto market’s fall. This rise raised Wormhole’s market worth to $1.14 billion, placing it 73rd in the cryptocurrency rankings.
W trade volume rose 72% to $164 million. Last day, Wormhole traded between $0.5788 and $0.671. Despite these advances, Wormhole remains 60% behind its April 3, 2024 high of $1.61. Wormhole was $0.6361 at press time.
Wormhole’s release of W Native Token Transfers (NTT) drove the W’s price up. W is now natively multichain on Solana, Ethereum, Arbitrum, Optimism, and Base.
This upgrade allows users to smoothly transfer W between different networks without liquidity concerns or liquidity pools, keeping the token’s unique functionality in the Wormhole ecosystem.
The launch of NTT completes Wormhole’s second phase, preparing for MultiGov, a revolutionary multichain governance system, and W staking for governance. Using NTT and a native multichain token, these developments prepare token functionality.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.