Connect with us

Altcoins

No, not ApeCoin and ELON, whales are choosing ZRX [0x] this time, here’s why

Published

on

Source: Unsplash

Knock, knock.

Who’s there?

It’s 0x [ZRX].

0x [ZRX], who?

0x-my-god, ZRX rallied by 41.05% in a single day.

While ApeCoin [APE] and Dogelon Mars [ELON] saw some formidable price increases in the past few days, the ERC-20 token trading at $1.03 at press time wasn’t exactly a memecoin. In fact, 0x described itself as a “liquidity endpoint” for DeFi. Throughout the course of the day, ZRX shot from $0.7 to highs of about $1.1.

So, what’s the punchline?

No 0x-blood candles here!

Earlier in the day, Santiment shared that ZRX’s breakout was noted by whales, who made over 50 transactions worth more than $100,000 in the space of eight hours.

As you might have expected, the exchange supply also plunged, corresponding with ZRX’s rally. At press time, the token was the #92 biggest asset by market cap.

However, it’s important to keep in mind that at the time of writing, ZRX was returning to the exchanges as well, possibly due to profit-takers. This, in turn, affected the price.

Source: Santiment

Now, you might be asking what 0x has been doing, to be worthy of so much attention. One factor could be that the DeFi protocol announced a partnership with the newly launching Coinbase NFT marketplace.

Naturally, the surrounding hype probably motivated both keen-eyed investors and NFT-lovers to buy some ZRX in case it “mooned” – to use crypto speak.

However, investors and crypto watchers need to track the project to make sure it outlives its hype honeymoon and holds its own against competitors.

For now, though, both social dominance and social volumes spiked, revealing a strong and excited community that has plenty to say about the project. Now, it’s essential for ZRX to push through the corrections it was facing at press time, to see if it can maintain its momentum. That being said, the asset has reached prices it held before the December 2021 crashes, which is an extremely favorable sign.

Source: Santiment

Not to rain on your parade, but there’s one price indicator to watch carefully. This would be the Adjusted Price DAA Divergence, as it showed a long red bar at press time, signaling a not-so-subtle selling risk. In order to fight off the bears, ZRX will have to prove that it has more to offer than just instant profits.

Source: Santiment

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Sahana is a full-time journalist at AMBCrypto. She has a Masters in Journalism and her areas of study include crypto-regulation, digital society, privacy, and intersectionality. Ask her about film photography and philately.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.