zkSync Price Prediction | Is zkSync a Good Investment?
The post zkSync Price Prediction | Is zkSync a Good Investment? appeared on BitcoinEthereumNews.com.
What factors contributed to zkSync’s drastic 39% price drop post-airdrop, and what are analysts saying about zkSync’s price prediction for the coming months? On June 17, zkSync (ZK) tokens were distributed through an airdrop, creating a lot of initial interest. However, blockchain analysis revealed that nearly half of the main wallets that received the new zkSync token sold their entire allocation shortly after. This large-scale sell-off led to a steep 39% decline in the token’s price, dropping from its launch price of $0.3098 to a low of $0.1904 on June 18. As of June 19, the price has recovered slightly, trading around $0.2215. zkSync price chart | Source: CoinMarketCap So, what exactly happened here? And how does this impact zkSync price predictions? Let’s delve into the details to understand the situation better. What exactly happened? zkSync announced its much-anticipated airdrop of the ZK token on June 11. This event aimed to distribute 17.5% of ZK’s 21 billion token supply to 695,000 eligible wallets on June 17. Additionally, 33.3% of the tokens were reserved for the project’s team and investors, intended as a reward for early users and long-time supporters. The announcement initially generated notable excitement within the crypto community. Eligible users were promised up to 100,000 ZK tokens, depending on criteria met before a snapshot taken on March 25. However, shortly after the airdrop went live, criticism began to mount. Many long-term and active users reported receiving fewer tokens than they felt they deserved, while less active wallets received higher allocations. The situation further escalated when several top-ranking projects built on zkSync, like the NFT project zkApes, revealed they had not received any airdrops despite generating colossal gas fees for the network. We generated $15 million in gas fees for @zksync , but received no airdrop in return. What a…
Filed under: News - @ June 21, 2024 1:10 am