Wormhole, a cryptocurrency powering multichain applications, has seen its price surge 12% in the past 24 hours, reaching $0.6786. This significant increase follows the launch of Wormhole's governance staking feature, allowing W token holders to participate in decision-making and enhancing the project's decentralization.

The new feature enables token holders to stake their W tokens and engage in governance, increasing the project's community involvement. Wormhole has implemented a daily transfer limit of 100 million W tokens from Solana to EVM chains to ensure security. The W token is now available across multiple chains, including Solana, Ethereum, Arbitrum, Optimism, and Base, increasing its utility in decentralized finance.

The Wormhole price has experienced a notable bull run over the past few weeks, rising from $0.513 to over $0.718. While the token has surpassed the critical resistance level of $0.70, it has formed a bearish reversal pattern, indicating a potential sharp reversal to $0.60. Crypto analyst Michael van de Poppe has added Wormhole to his altcoin portfolio, noting that as long as it holds $0.60, it should be fine. Robinhood has also added Wormhole trading for its European users.

In conclusion, Wormhole's governance staking launch has significantly impacted its price, and the token's availability across multiple chains increases its potential in decentralized finance. While there is a risk of a price reversal, the project's decentralization and community involvement are expected to continue growing.