- Bitget has unveiled a new staking opportunity featuring ZK tokens.
- The cryptocurrency market shows early signs of recovery.
- ZK tokens offer a promising route for investor engagement.
Discover how Bitget’s latest staking initiative could signal a turning point for ZK tokens and the broader crypto market. Explore new opportunities and market dynamics.
Major ZK Token Pool by Bitget
Bitget has just announced a significant staking initiative for ZK tokens, now live on the PoolX platform. With a pool of 413,700 ZK tokens on offer, users can stake their holdings from June 18th to June 28th in a bid to earn additional tokens. This new option allows a maximum staking limit of 4,137,000 ZK tokens, distributing rewards on an hourly basis proportional to the user’s staking volume.
Participants in this staking event will have their tokens staked at hourly intervals. The user’s share of the rewards is calculated by dividing their staked ZK tokens by the total amount staked by all users, then multiplying by the reward pool. This equitable model ensures fair distribution and serves to drive user engagement within the zkSync network, where ZK tokens can be used for various utility and governance purposes.
Impact of Recent Airdrop on ZK Token Pricing
The recent airdrop by zkSync witnessed a substantial sell-off, as reported by CoinOtag. Approximately 41% of the recipients sold their tokens immediately, introducing $500 million worth of ZK tokens into the market and causing the price to dip sharply to around $0.020. This sell-off affected over 4,160 wallet addresses, with 30% of top recipients selling a portion of their allocations, while about 29% chose to hold onto their tokens.
Despite this initial wave of selling pressure, the zkSync network continues its planned distribution of 3.67 billion tokens to over 695,232 addresses. Concurrently, Binance listed ZK tokens with multiple trading pairs, potentially stabilizing the market.
ZK Token Price Movement and Market Reaction
Over the last 24 hours, bearish sentiment dominated the ZK token market until a bullish reversal saw prices rise by 0.50%, bringing the token’s value to $0.2146. Although this uptick is a positive sign, the token remains 30% below its recent all-time high of $0.3098.
During this period of recovery, ZK’s market capitalization increased by 1.14% to $793,600,019, even as the 24-hour trading volume saw a 12% decline, settling at $798,789,848. These metrics suggest cautious optimism among investors as the market looks for further signals of recovery.
Conclusion
Bitget’s introduction of a ZK token staking option marks a significant development in the crypto landscape, providing new avenues for investor engagement and market activity. Despite initial turbulence from the recent airdrop, ZK tokens are showing resilience and early signs of recovery. As the staking period progresses, market participants will be keenly observing further price movements and overall sentiment within the crypto market.
