Data shows that over 71% of the top 10,000 ZK token recipients sold their entire allocation or a portion of it within the first 24 hours. This massive sell-off led to ZK's price plummeting from its opening price of $0.32 to around $0.20.

Despite the initial price decline, some investors see potential for future growth in ZK. Historical data suggests that 46% of the top 50 airdrops reached their all-time highs within two weeks of the airdrop. Additionally, ZK's fully diluted market cap is lower compared to other Ethereum Layer 2 projects, indicating room for appreciation.

The zkSync airdrop also led to a spike in the protocol's network activity, with daily transactions reaching 1.7 million and daily active addresses surging. However, the project's fees and revenue declined over the past week.

Overall, the zkSync airdrop has been a mixed bag, with the initial price drop due to significant sell-offs, but also signs of potential future growth for the ZK token.