ZK Price Plummets 5% Amid $113M zkSync Token Airdrop Sell-Off
The post ZK Price Plummets 5% Amid $113M zkSync Token Airdrop Sell-Off appeared on BitcoinEthereumNews.com.
The price of ZK has plummeted by 5% amid a significant sell-off following the $113 million zkSync token airdrop. Since the day of the listing, numerous sell-offs have occurred, heavily impacting the token’s value and leading to a series of price dips. This development highlights the volatile nature of the cryptocurrency market and raises concerns about the immediate future of ZK. Massive Sell-Off Statistics and Market Data The launch of ZKsync’s airdrop program has seen a flurry of activity among recipients, according to data from blockchain analytics firm Nansen. Since applications opened for the ZK token airdrop, a significant portion of the top 10,000 recipients have opted to sell their newly acquired tokens. A detailed analysis reveals diverse responses to the airdrop. Approximately 25.6% of the top recipients have chosen to hold onto their entire airdropped allocation, neither selling nor moving their ZK tokens. Meanwhile, 34.5% have taken a more measured approach, selling or transferring a portion of their airdropped tokens while retaining the rest. However, nearly 40% of the top recipients, 39.9% to be precise, have chosen to cash out completely, selling or moving all of their airdropped ZK tokens. The substantial selling pressure from the airdrop has not gone unnoticed in the market. At the time of writing, the ZKsync token (ZK) price is trading at $0.2148, with a 24-hour trading volume of an impressive $626.9 million. Despite this high liquidity, the token’s price has experienced a 5.01% decline over the past 24 hours. With a circulating supply of 3.7 billion ZK tokens, the project currently boasts a market capitalization of $799.6 million. These figures underscore the significant market activity and substantial impact that the ZK airdrop has had on the token’s trading dynamics, highlighting the influence of such events on the broader cryptocurrency landscape. Also Read: VanEck…
Filed under: News - @ June 20, 2024 12:14 pm