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The zkSync price plummeted 29% in the past 24 hours to trade for $0.2176 as of 02:34 a.m. EST to make it the biggest lose among the largest 100 cryptos by market capitalization.
The slump comes amid much FUD (fear, uncertainty, and doubt) around its controversial airdrop. Many token holders were dissatisfied with the way ZK, an Ethereum scaling solution, distributed the airdrop.
We know that a lot of people are upset because the airdrop did not meet their expectations. No one is happy about it.
However, there was no way to design this airdrop in a way that would work as expected by everyone. We cannot make adjustments in the design. FAQs explain why.
— ZK Nation (@TheZKNation) June 15, 2024
The network employed a Sybil detection to decide eligibility and some say dubious wallets still managed to qualify for the airdrop.
zkSync Price Drops Amid Controversial ZK Airdrop
Layer-2 blockchain ZKsync started its airdrop for the ZK token on Monday, which was somewhat successful: 45% of the tokens were claimed in less than two hours.
More than 45% of the airdropped ZK token supply has been claimed by over 225,000 addresses in less than 2 hours 😳
It's a Monday, don't you have work? https://t.co/gSA8mc0QOg
— ZK Nation (@TheZKNation) June 17, 2024
The zkSync Association is in charge of the airdrop claims. It is a non-profit created and launched last week by Matter Labs, the development firm behind Zksync.
Despite the mentioned controversy, the hype around the airdrop sent the ZK market capitalization near the $850 million threshold.
Blockchain analytics firm Nansen has reported that 41% of tracked addresses sold all their tokens. Also, 29.2% sold some, while 30% retained their ZK tokens. This analysis covers the top 10,000 addresses, representing 1.4% of the 695,232 eligible wallets.
🔔 @nansen_ai: 41% of Leading $ZK Airdrop Wallets Have Fully Sold Their Tokens !
Nearly half of the top wallets that received the new @zkSync (ZK) token in the recent #airdrop have sold their entire allocation, leading to a 34.5% drop in $ZK's price. #Blockchain analytics firm… pic.twitter.com/yVUTuoKld7
— Altcoin Alerts (@Altcoin_Alerts) June 18, 2024
Nearly half of the top wallets that received the new ZK token in the recent airdrop have sold their entire allocation, triggering a 34.5% drop in the zkSync price.
UPDATE: ZKSYNC $ZK PRICE PLUNGES 30% AS 41% OF THE MAJOR ZK AIRDROP WALLETS DUMP THEIR ALLOCATIONS SHORTLY AFTER LAUNCH
— BSCN Headlines (@BSCNheadlines) June 18, 2024
zkSync Price Prediction
The zkSync price trades with a bearish bias, consolidating sideways as part of a horizontal chop. While the sentiment is bearish, the big picture outlook remains bullish, as ZK remains above the $0.1880 threshold. A breakdown of this support level would negatively impact optimism.
For now, however, the bulls could still recover the market as the Moving Average Convergence Divergence (MACD) remains above the orange band of the signal line. The Relative Strength Index (RSI) is also bullish, with sustained higher lows as it holds above the mean level of 50.
The MACD histograms are also in positive territory in green shades, evidence of bullish sentiment. If buyer momentum increases and the zkSync price records a stable close above $0.2595, it would encourage more buy orders.
A stable candlestick close above the aforementioned level would set the tone for a continuation of the trend. Key levels where buyers would be looking to increase their holdings would be the $0.3500 and $0.4446 levels. Beyond these blockades, the controversial altcoin would have a chance to reclaim its peak at $2.9700, recorded on June 17.
GeckoTerminal: ZK/USD 15-min chart
Conversely, with the MACD histograms turning pale, the bears are fighting for control. If they have their way and the zkSync price records a candlestick close below $0.1880 in the 15-minute timeframe, more sell orders would likely be triggered. Worse, or in a dire case, the downtrend could extend below $0.1525, effectively putting out the short-term bullish expectation.
Meanwhile, as the ZK bulls and bears engage in a battle for control, investors continue to buy WienerAI (WAI), an AI meme coin that YouTuber Jon Trading says is the top AI crypto meme coin of 2024.
Promising Alternative To zkSync
WAI is the native cryptocurrency behind the WienerAI ecosystem. It is a hybrid token using its AI capabilities to emulate the success of other canine meme coins like DOGE and SHIB.
The project combines animal memes, advanced AI tech, and a bit of processed meat humor. It has garnered a huge following, with its presale already soaring past $5.96 million in funds raised.
More Wieners every day – Our WienerAI family is growing fast! 🐾
More holders = More excitement for our launch!
Ready to join the pack? 🌭🚀 pic.twitter.com/TPFpsjLGFX
— WienerAI (@WienerDogAI) June 13, 2024
The WienerAI project will integrate trading bot capabilities into its platform. This function delivers user-friendly AI-enhanced trading, seamless swap functionality, and zero fees.
More than just a bot–WienerAI is your ultimate crypto trading companion.
We're delighted to share some sneak peeks with our incredible and supportive community. (1/4) pic.twitter.com/kR8ypeJycj
— WienerAI (@WienerDogAI) June 11, 2024
WienerAI boasts carefully designed tokenomics aimed at fostering long-term sustainability and growth. The team has already set aside 20% of tokens for staking rewards, where users can stake $WAI for an impressive 192% annual percentage yield (APY).
How staking your $WAI feels.https://t.co/g0LrikQz90 pic.twitter.com/3VneRo9wTq
— WienerAI (@WienerDogAI) May 9, 2024
Each WAI token is currently selling for $0.000719. Buy soon if you are interested before a price hike in less than five hours.
Buy WienerAI tokens here using ETH, USDT, or your bank card.
Also Read:
- What Sets WienerAI Apart from Floki Inu? A Deep Dive into Meme Coin Differences
- WienerAI Brings Novel Twist to Crowded Meme Coin Sector With Hotdog-Canine-AI Hybrid
- WienerAI Price Prediction – $WAI Price Potential in 2024 and Beyond
- Are Crypto Presales Worth It? The Pros and Cons You Need to Know!
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- Staking Pool - High Dynamic APY
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