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The zkSync price plunged more than 14% over the past 24 hours to trade at $0.245 as of 7:15 a.m. EST as investors offload their holdings on the market.
The plunge came after dissatisfaction with the way ZK, an Ethereum scaling solution, distributed its controversial airdrop. The central complaint was the way Sybil detection was used to decide eligibility, with some community members arguing that doubtful wallets managed to qualify.
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
Binance Listing Leads To zkSync Price Surging
Prior to the recent price correction, the ZK price had surged after leading crypto exchange Binance listed the token today at 4:00 a.m. EST. The exchange introduced several trading pairs for the altcoin, including ZK/BTC, ZK/USDT, ZK/FDUSD and ZK/TRY.
Users are able to deposit ZK tokens on the exchange, but withdrawals will only be enabled on Jun. 18 at 4:00 a.m. EST.
Binance will also be running a token distribution program for ZK between Jun. 17 and Jul. 16. During this period, the exchange will distribute a total of 10,500,000 ZK tokens to up to 52,500 eligible Binance users.
To qualify, users should have performed at least 50 transactions on the zkSync Era network between February 2023 and March 2024. The transactions should also have been performed over a seven month span.
The zkSync Price Enters Into Consolidation
1-hour chart for ZK/USD (Source: GeckoTerminal)
The zkSync price has consolidated between $0.0000054 and $0.0004056 after it dropped from its all-time high at $0.0035694. Following this steep correction, the 9 Exponential Moving Average (EMA) is now acting as a technical obstacle for the crypto’s price.
Should zkSync break above the 9 EMA on the hourly chart, it will also have cleared the upper boundary of the current sideways channel. As such, the altcoin might have the foundation needed to rise in the following few hours.
Traders could subsequently look to enter into a long position for the crypto, which could push its price to the next major resistance level at $0.0011868. With enough buy pressure, the zkSync price might flip this threshold into support as well before potentially rising to as high as $0.0019490 in the short term.
On the other hand, this bullish thesis could be invalidated if the zkSync price fails to break above the 9 EMA within the next 12 hours. In this alternative scenario, the altcoin might test the $0.0000054 support. Breaking below this technical crutch will then expose ZK to the risk of potentially entering into a price discovery phase towards the downside.
As the zkSync price enters a consolidation phase, the presale for AI meme coin WienerAI (WAI) is charging towards $6 million.
A Light- Hearted Crypto Backed By Sophisticated Technology
WienerAI is one of a handful of meme coins that come with high amounts of utility. The canine-themed project aims to serve as a loyal companion for crypto traders.
Through the use of sophisticated AI models that are fine tuned to trade the crypto markets, WienerAI can help traders and investors make more informed decisions in the highly-volatile digital asset market.
With its predictive technology, traders can analyze vast amounts of data to uncover hidden trade opportunities almost instantaneously.
In addition to its AI technology, WienerAI offers token holders a number of other products as well. Most notable is the seamless token swap platform called Sausage Swaps, which ensures that traders and investors never miss a golden opportunity again. There is also the MEV protection offered to token holders.
MEV bots have been a major issue recently, with these bots exploiting network vulnerabilities for millions of dollars. The automated scripts can delay transactions for token holders and potentially lead to losses as well. With the protection offered by WienerAI, investors will never be frontrun by these MEV bots. What’s more, all of these features come with zero fees.
With everything WienerAI has to offer, it is no wonder that crypto YouTuber ClayBro told his 130,000 subscribers that WAI could surge 10x after launch.
Investors Rush To Buy WAI
WAI’s ICO has performed phenomenally well, raising over $5.9 million so far. Beyond the high levels of utility, investors are likely flocking to the meme coin’s presale to get in on the 193% APY up for grabs for ICO buyers.
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
Selling for $0.000719, WAI tokens can be bought using either ETH, USDT, BNB or bank card. A price hike is coming in about a day so buy soon if you are interested.
Once purchased, the tokens will need to be locked up for investors to be eligible for the lucrative staking opportunity.
Purchase and stake WAI here for up to 193% in annual rewards.
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