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Zilliqa: From 42% intra-day rally to dizzying volumes – what’s going on in ZIL

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Source: Unsplash

Zilliqa (ZIL), a smart contract crypto has garnered significant attention since its inception. Well, it incorporated three main attributes: low cost, environmentally sustainable, and high scalability. These catalysts indeed made, if not better, but at par with other than its competitors.

Moreover, between 4-5 May, the value of ZIL surged by over 42% with rallying prices. What triggered this?

What’s cooking? 

The ecosystem has been busy with different announcements, partnerships, etc that could have aided this unprecedented traction. On 6 May, Zilliqa announced their gaming studio, where followers could get an exclusive first look at the gaming gurus Tom and Valentin’s work. Termed as “The Future of Gaming”, enthusiasts have already lined up to participate.

Additionally, the project joined the Blockchain Gaming Alliance (BGA) and announced Metapolis. Zilliqa recently launched its own Metapolis metaverse. The VIP launch took place at the start of April, but ordinary users couldn’t enter it yet. Nonetheless, the anticipation, indeed, helped garner interest across the industry.

Thanks to you

This enthusiasm did showcase on the on-chain volume metric and there has been incredible activity there too. Look at the single massive uptick on 7 May – this itself incorporated 7.7 billion in volume. This just showcases that investors or traders had faith for the long run and would continue to hold it despite market volatility.

Source: Santiment

In addition, the development activity painted a similar picture, even though the rise didn’t showcase the same sentiment. But, the metric did record a significant surge. The development activity and interrelation with its token price and capitalization growth could further trigger ZIL’s price.

Source: Santiment

Moreover, the flagship ecosystem achieved several different milestones over the year as highlighted in the tweet below.

Zilliqa, at press time, surged by more than 4% over the past 24 hours. According to CoinMarketCap, ZIL traded at the $0.08 mark. Despite a slow price growth, ZIL had given a staggering rally in the past. It gained over 400% in a month when other cryptos struggled to get any momentum.

However, Zilliqa couldn’t sustain those gains. It fell almost 60% in April as seen above. Nonetheless, could ZIL repeat a similar rally considering the aforementioned factors?

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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