{"id":3087,"date":"2024-07-06T06:00:29","date_gmt":"2024-07-06T06:00:29","guid":{"rendered":"https:\/\/cryptd.in\/layerzero-bounces-amid-market-retrace-zro-soars-20\/"},"modified":"2024-07-06T06:00:29","modified_gmt":"2024-07-06T06:00:29","slug":"layerzero-bounces-amid-market-retrace-zro-soars-20","status":"publish","type":"post","link":"https:\/\/cryptd.in\/de\/layerzero-bounces-amid-market-retrace-zro-soars-20\/","title":{"rendered":"LayerZero Bounces Amid Market Retrace, ZRO Soars 20%"},"content":{"rendered":"

LayerZero (ZRO) has become one of the first altcoins to bounce amid the market retrace. The token has registered green numbers despite its controversial token airdrop last month. \u00a0As a result, investors and market watchers remain bullish on ZRO\u2019s long-term performance.<\/p>\n

From ZRO To Market Hero<\/h2>\n

In late June, the omnichain interoperability protocol LayerZero launched its long-awaited ZRO token. The launch, which included a token airdrop for the protocol users, received<\/a> a negative response from the crypto community.<\/p>\n

Users found the airdrop\u2019s claim mechanism to be a slap in the face for the community. Minutes before the launch, the LayerZero Foundation announced that a new \u2018Proof-of-Donation\u2019 claim mechanism would be used for those who wanted to receive their token allocation.<\/p>\n

The mechanism required users to donate $0.1 in USDC, USDT, or ETH, per token allocated. The donations would go directly to the Protocol Guild, a collective funding mechanism for Ethereum developers.<\/p>\n

LayerZero received backlash for this measure. Many community members found that the project was \u201cmilking\u201d their supporters and lacked proper communication. As a result, the token saw a 38% drop following the launch<\/a>.<\/p>\n

ZRO went from trading at its $4.57 all-time high (ATH) to trading as low as $2.83. The retrace continued as it reached its all-time low (ATL) of $2.48 a week after its launch.<\/p>\n

The token has since recovered by 53%. ZRO\u2019s upward trajectory started last week as Bitcoin (BTC) regained its $60,000 support zone. The token moved from its ATL to a biweekly high of $4.2.<\/p>\n

However, LayerZero\u2019s token followed the rest of the market in the retrace<\/a>. BTC\u2019s performance dragged ZRO back to the $2.75 level earlier today, but it has bounced over 20% in the last few hours.<\/p>\n

As of this writing, ZRO is one of the few altcoins registering green numbers in multiple timeframes. Moreover, the protocol\u2019s token displays double-digit gains in the weekly and biweekly timeframes, with 40.2% and 22.1% price increases.<\/p>\n

Investors Bullish On LayerZero<\/h2>\n

Following this performance, investors and market watchers expressed bullish sentiment regarding the token. Some traders assert<\/a> that ZRO \u201cheld relatively well during the dump\u201d and is now \u201crecovering pretty hard.\u201d<\/p>\n

Crypto trader CryptoKnight highlighted<\/a> ZRO\u2019s bounce and suggested that the token could reach $5 in the short-term timeframe. Similarly, SpiderCrypto believes that ZRO will hit $10 by the end of the year. To the market watcher, LayerZero is the \u201cbest infra company for those who believe in a multichain future.\u201d<\/p>\n

Seemingly, users remain confident in the protocol despite the launch mishap. Some investors consider<\/a> it one of the \u201ccleanest brands around\u201d with a token that \u201cis not difficult to sell to people with a bit of FOMO.\u201d<\/p>\n

LayerZero Labs recently angek\u00fcndigt<\/a> its integration with Flare, a data-focused blockchain, to enable Flare developers to connect with 75 other networks. Per the post, the integration will connect the blockchain with 50,000 dApps and offer access to a \u201cvast quantity of new users and sources of liquidity.\u201d<\/p>\n

At the time of writing, ZRO is trading at $3.81, representing a 21% increase in the last 24 hours.<\/p>","protected":false},"excerpt":{"rendered":"

LayerZero (ZRO) has become one of the first altcoins to bounce amid the market retrace. The token has registered green numbers despite its controversial token airdrop last month. \u00a0As a result, investors and market watchers remain bullish on ZRO\u2019s long-term performance. From ZRO To Market Hero In late June, the omnichain interoperability protocol LayerZero launched […]<\/p>\n","protected":false},"author":0,"featured_media":3088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nLayerZero Bounces Amid Market Retrace, ZRO Soars 20% - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/de\/layerzero-bounces-amid-market-retrace-zro-soars-20\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LayerZero Bounces Amid Market Retrace, ZRO Soars 20% - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"LayerZero (ZRO) has become one of the first altcoins to bounce amid the market retrace. The token has registered green numbers despite its controversial token airdrop last month. \u00a0As a result, investors and market watchers remain bullish on ZRO\u2019s long-term performance. 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