22.8 C
Manchester
July 18, 2024
BTC Hunts
Image default
Bitcoin

LayerZero Foundation Launches ZRO: Will It Replicate the ARB Price Rally or Set Up a Healthy Upswing Toward $10?

The post LayerZero Foundation Launches ZRO: Will It Replicate the ARB Price Rally or Set Up a Healthy Upswing Toward $10? appeared first on Coinpedia Fintech News

LayerZero, a protocol designed for easy communication between blockchains, has launched its native token, ZRO. The foundation announced an airdrop, which went live a few hours later with a strategic allocation and anti-sybil measures. The token has been launched with a fixed supply of 1 billion, of which 38.3% is reserved for community members, 32.2% for strategic partners and 25.5% for core contributors. Nearly 8.5% of a billion or 85 million tokens, are claimable for the ongoing airdrop. 

The claims for the airdrop went live today with some eligibility criteria for the users. Similar to the other platforms, the ZRO holders will have the privilege to vote on the proposals for the development of the platform. Within a few hours of the launch, major exchanges listed the token, which offered the required momentum for the bulls to halt the bearish trade. 

Will ZRO Price Regain Momentum or Repicate the Historic Moves?

The crypto markets have witnessed numerous crypto launches and multiple token airdrops every day. While some sustain, some get rugg-pulled, failing to attract bullish attention. Besides, the platform that offered various services to the traders began to launch their tokens, which are still holding significant dominance within the markets. Therefore, the future of ZRO’s price could be determined by the bullish interest over the next few days. 

Uniswap was one of the most successful airdrops, which multiplied the UNI price by more than 4 to 6 times in just a few days of lauch. Later, Sushiswap, 1Inch, etc., and a few more were launched, which also attracted decent gains. However, the trend changed after the 2022 bear market, as the most hyped ones like Arbiturm, Blur, Pyth Netwrok, etc. gained some attention in the beginning but soon faded, resulting in a huge drop in prices. 

Now that a similar airdrop has gone live, the traders appear to have begun extracting the profits as the selling volume has increased to a large extent. However, the price did not undergo a huge rise, unlike the other airdrops, which suggests the token may overcome the prevailing selling pressure at the earliest. Therefore, the next couple of days may be extremely important for the ZRO price, as if the traders hold the token, the likelihood of a continued upswing towards a double-digit figure remains pretty high. 

Related posts

Ripple (XRP) Price Rallies Significantly While Bitcoin & Ethereum Consolidate, What’s Next?

David Bradley

Ripple (XRP) Price : Will XRP Price Hit $1 By July End ?

David Bradley

Bitcoin Loses Crucial Support While Dominance Soars-Will the Altcoins Get Rekt?

David Bradley