The post Binance-listed LayerZero (ZRO) token price drops sharply in the last 24 hours appeared on BitcoinEthereumNews.com.

According to Coinmarketcap, ZRO is currently trading at USD 2.869473, a 15% drop in the last 24 hours. The price drop comes after LayerZero’s founder, Bryan Pellegrino, announced on X that LayerZero is introducing a new claiming mechanism called Proof-of-Donation. The crypto community is apprehensive about the decision to move, which will lead to high volatility. Also Read: LayerZero launches Proof-of-Donation mechanism The newly listed LayerZero token (ZRO) price, associated with the cross-chain interoperability protocol, has fallen by 15% in the last 24 hours. The introduction of proof of donation requirement has sparked debates within the cryptocurrency community, leading to a sharp price decline. LayerZero experiences high price volatility amid controversy  The omnichain interoperability protocol announced on its X platform that users will be required to donate to the Protocol Guild, a collective funding mechanism for Ethereum developers. The new claiming mechanism, which many compare to an airdrop, will require users to donate $0.10 in USDC, USDT, or ETH per ZRO token when claiming allocation. The foundation added that they intend to raise $18.5 million towards Ethereum developers. Today LayerZero is introducing a new claiming mechanism called Proof-of-Donation, which will result in ~$18.5 million donated to @ProtocolGuild, a collective funding mechanism for Ethereum developers. Protocol Guild and Ethereum’s core developers have been fundamental to… pic.twitter.com/YPN7wzsqbJ — LayerZero Foundation (@LayerZero_Fndn) June 20, 2024 After the token’s launch on June 20, ZRO surged by more than 15% in 30 minutes. The token rallied to a high of $4.40, positioning itself above Quant(QNT) and Ethereum Name Service (ENS). The sharp surge was influenced by the strategic listing of the ZRO token on  Binance, which provided high visibility and liquidity. Shortly after, the ZRO token experienced a sharp reversal of 22% as crypto traders quickly sold -off to make a profit. LayerZero team quickly…

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Filed under: News - @ June 22, 2024 3:06 pm