ZORA Hits New Peak: Binance Futures Listing Ignites Bull Run
Yesterday, ZORA, the native token of the Zora Protocol, a Web3 content platform that allows content creators to mint, own, and trade material, reached a record high. Following a spectacular triple-digit rise that helped the token recover from its protracted decline, this milestone was reached. A number of strategic advancements, such as the integration with the Base App and support for Binance Futures, are responsible for the price increase.
ZORA Finds New Life After Slump: Is the Base App the Game Changer?
10% of ZORA’s 10 billion token supply was set aside for an airdrop to early adopters when it launched in late April. Additionally, the token obtained listings on significant exchanges. However, the initial thrill was fleeting. The price of the token decreased in tandem with the decline in user engagement and traffic.
However, following its integration with the Base App, the coin regained momentum in mid-July. Coinbase revamped its wallet and released the app on July 17. The infrastructure of Zora and Farcaster is used by this app. Users can trade and tokenize stuff with it. In order to mint content coins, pay referral fees, and take advantage of ecosystem incentives, the ZORA token is essential. In this regard, a rally was sparked by this integration and was subsequently strengthened by additional triggers.
ZORA Goes Viral: Mentions and Engagements Explode as Price Pumps
ZORA saw a slight pullback after hitting a record high of $0.1003 on July 27, according to CoinMarketCap statistics. The token increased by 4.24% in the last day in spite of this. The price of ZORA was $0.08504 at the time of writing. Many investors have benefited from this price pump, as the token’s market capitalization has increased from about $35 million to almost $273 million.
As ZORA touched a market cap of over $300 million, a whale holding a 3x long position on ZORA is having a floating profit of over $2.2 million,
Onchain Lens
The price has increased, but so has the amount. Data from LunarCrush indicates that ZORA mentions rose from 2,893 to 8,378—an approximate increase of 189.6% over the previous week. Engagements increased from 4.2 million to 7.4 million in a similar manner. This indicated an approximate 76.2% rise. On CoinGecko, the coin has also established itself as one of the most popular cryptocurrencies.
For more up-to-date crypto news, you can follow Crypto Data Space.
