The price of ZK has plummeted by 5% following a massive sell-off of $113 million zkSync tokens. The market volatility highlights the impact of large-scale sell-offs and market statistics, with reactions to this event.

The launch of ZKsync's airdrop program has seen significant activity among recipients, with 39.9% of the top 10,000 recipients selling all their ZK tokens. Issues related to Sybil attacks and large-scale liquidations further exacerbate market instability.

The price of ZK is trading at $0.2148, with a 24-hour trading volume of $626.9 million. The token's market capitalization is $799.6 million, with a circulating supply of 3.7 billion ZK tokens.

The situation was exacerbated by potential Sybil attacks, where individuals created multiple fake identities to receive more tokens. Although some projects have strict measures against this, ZKsync's approach was less restrictive, which may have contributed to the token flood.

Despite the market turbulence, ZKsync plans to distribute 3.67 billion tokens to over 695,232 addresses, with the top 10,000 wallets receiving only 1.44% of the total allocation. This broad distribution aims to increase the token's reach, but it also poses challenges in maintaining price stability with high trading volumes.