The value of LayerZero (ZRO) has risen by 13.65% over the past 24 hours. This increase comes shortly after the LayerZero Foundation declared the conclusion of ZRO airdrop claims and announced plans to redistribute any unclaimed tokens to active users.
With this change in distribution strategy, the omnichain interoperability protocol is sparking renewed interest among investors in the market. So, what implications could this have for ZRO’s price in the coming days?
LayerZero Foundation Provides Incentives for Whales to Invest
On September 20, LayerZero Foundation confirmed that the window for claiming the first ZRO airdrop has officially closed. In this announcement, it emphasized that unclaimed tokens would be reassigned. This move aligns with CEO Bryan Pellegrino’s previous statements made in June, indicating that such a decision was forthcoming.
This time, however, the project will only distribute tokens to active users who successfully claimed ZRO in the initial airdrop and conducted transactions on the chain afterwards. Following this revelation, coupled with the uptick in LayerZero’s price, the cryptocurrency has seen a notable rise in both profitable addresses and addresses reaching breakeven.
As per IntoTheBlock data, 7,750 addresses, or 80.39% of the total ZRO holders, are now profiting. Meanwhile, 11.85% of addresses, totaling around 1,140, have returned to breakeven, while a modest 7.76% are currently holding ZRO at a loss.
Read more: What are Crypto Airdrops?
Currently priced at $4.76, the upsurge in profitable addresses could entice more investors to purchase the token. If this occurs, the second airdrop may drive the altcoin’s value even higher. This development could also yield a different outcome compared to the first airdrop, which was responsible for a 22% decline in LayerZero’s price.
Recent data from Santiment indicates that crypto whales have been expanding their ZRO portfolios in recent days. Whales holding between 10 million and 100 million tokens accumulated an extra 10.26 million ZRO, while those with holdings between 1 million and 10 million added approximately 300,000 more tokens.
If this pattern persists, LayerZero’s price may continue to ascend, potentially nearing its all-time high as demand strengthens from significant investors.
ZRO Price Forecast: New All-Time High Approaching
With ZRO currently trading at $4.76, the daily chart reveals a significant uptick in the Chaikin Money Flow (CMF), a metric used to assess whether an asset is in a state of accumulation or distribution.
A CMF reading above zero suggests that investors are buying into the asset, indicating a continuation of the uptrend. Conversely, if the CMF falls below this threshold, it could indicate that selling pressure is on the rise, with a potential decline looming.
Moreover, the increase in CMF supports the likelihood of a continued rally in ZRO’s price, suggesting that it could challenge its all-time high and reach $5.60.
Read more: Top 9 Safest Crypto Exchanges in 2024
Nevertheless, failure to surpass $4.99 may nullify this outlook. Should that occur, ZRO might see a retracement back to $3.83.
Disclaimer
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