Will zkSync’s airdrop problem be in a position to bounce again from a 38% drop?

  • The worth of ZK has seen a significant drop from $800 million to $648 million
  • There is a escalating bearish sentiment encompassing the token

The latest zkSync Period [ZK] token airdrop built waves, foremost to improved community action more than the previous 7 days. However, pursuing the airdrop, the token experienced a notable cost correction on the charts.

Exploring the zkSync Airdrop

zkSync, which introduced itself as the initially zk-appropriate EVM past 12 months, carried out an airdrop of its newly launched ZK token. Additional than 3.6 million tokens ended up dispersed to 695,000 qualifying addresses interacting with zkSync Era or its predecessor, ZKsync Lite.

Reviews uncovered that inside 2 several hours, in excess of 45% of the airdropped ZK tokens were claimed by 225,000 addresses. Initially valued at $.27 with an $800 million market cap, the token’s value fell considerably publish-start, with a present-day benefit of $.1765 and a current market cap of $648 million.

It truly is widespread for tokens to encounter cost corrections just after airdrops, comparable to what happened with Notcoin [NOT] lately.

Nevertheless, zkSync has other issues as effectively. Recent information examination indicated a decrease in social volume and sentiment, with bearish sentiments on the increase. Improvement action for the token has also lowered, incorporating to the bearish outlook.

ZK's social volume declined

Source: Santiment

Analyzing zkSync’s hourly chart, it seems that the token may well carry on to facial area downward value stress in the short time period. Irrespective of this, the token’s Revenue Move Index (MFI) is in an oversold point out, potentially stimulating getting curiosity and boosting the selling price. Furthermore, a bullish crossover is projected on the MACD charts.

Source: TradingView

What’s taking place with zkSync’s exercise?

Adhering to the ZK token airdrop by zkSync, the L2 network’s action confirmed a noteworthy enhance. Data from Artemis indicated a surge in day-to-day transactions to 1.7 million past week.

While everyday lively addresses briefly rose on June 17 prior to reducing, costs and earnings for zkSync declined above the previous 7 days.

Supply: Artemis

Next: Predicting the value affect of Url following a 21 million token unlock

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