Layer-1 platform ZetaChain recently announced that their native token, ZETA, experienced a dramatic surge in its value, increasing by over 150% on its launch day. Yet by Friday, the token’s value stabilized at the $1.81 mark as it started to stabilize within the market.
Market Dynamics and Liquidation Impact
Latest figures from CoinGlass show a considerable liquidation total of $1.78 million over the past day, with long positions accounting for $1.09 million and short positions making up $691,110. Despite a 39.99% dip in trading volume to $799.26 million, open positions rose 21.65% to $40.13 million, reflecting sustained investor interest.
ZetaChain stands out by offering compatibility with diverse blockchains including EVM, Cosmos/IBC, Bitcoin, and others, with an aim to enable smooth data and value transfer across different blockchain technologies.
In a recent move, ZetaChain introduced native support for smart contracts, paving the way for developers to build omnichain decentralized applications (dApps) that can efficiently operate investments via a singular contract across various chains.
Prominent Exchanges Embrace ZETA
As ZETA’s market presence grows, major exchanges like Binance and Coinbase have begun listing the token. OKX followed suit, launching ZETA/USDT perpetual futures with up to 50x leverage and also integrating margin trading and Earn features for the token.
ZetaChain has additionally highlighted the ongoing ZETA airdrop, urging users to enlist their wallets for claiming their tokens. Market analysts speculate that following the current period of consolidation, ZETA’s value could resume its ascent, potentially hitting a $5 target.