Wormhole (W), the native cryptocurrency of the interoperability platform powering several multichain applications has witnessed a sharp 12% jump in the last 24 hours moving all the way past $0.70. At press time, the Wormhole price is trading at $0.6786 with its market cap at $1.22 and its daily trading volume skyrocketing by 150% to over $234 million.
In the latest development, Wormhole has introduced the Stake for Governance feature for W token holders, marking a significant advancement in its decentralized management roadmap. This new feature enables token holders to actively participate in governance, thereby enhancing the project’s decentralized nature. To ensure security, Wormhole has also implemented a daily transfer limit of 100 million W tokens from Solana (SOL) to EVM chains.
Wormhole is urging W token holders to stake their tokens and engage in governance decisions. Wormhole’s W token is now available across multiple chains, increasing its versatility and utility in decentralized finance (DeFi). Users can access the token on Solana, Ethereum, Arbitrum, Optimism, and Base through Wormhole Native Token Transfers (NTT). On Solana, W operates as an SPL token, while on EVM chains, it functions as an ERC20 token.
The 4-hour chart reveals that the Wormhole price has experienced a significant bull run over the past few weeks, rising from a low of $0.513 on May 14th to over $0.718. The token has slightly surpassed the critical resistance level of $0.70 and moved above the 50-period and 25-period moving averages. Notably, the W token has formed a rising broadening wedge, a well-known bearish reversal pattern, and is now hovering near the upper boundary of this wedge.
As a result, there is a risk of a sharp reversal that could drive the token down to the lower boundary of the wedge at $0.60. Popular crypto analyst Michael van de Poppe has also added Wormhole to his altcoin portfolio stating” $W holding its important level and staking went live. As long as it holds $0.60, it should be fine”. In a recent development, Robinhood added trading for Wormhole for its European users.
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