On June 17, the long-awaited token ZKsync launched with a market capitalization of over $1 billion.
After a spike in the first few hours of its launch, ZK’s market capitalization gradually decreased in the following days, perhaps due to continued selling pressure from airdrop recipients and overall market conditions. weak body.
Currently, ZK’s market capitalization sits at around $600 million, with a fully diluted valuation of $3.4 billion at the time of writing, down 40% from its launch valuation.
ZK price fluctuations in the past 7 days | Source: Coingecko
In the week leading up to the ZK launch, Zksync experienced a relatively quiet period in terms of new addresses on-chain, averaging around 7,000 addresses per day. However, the ZK token launch day saw this number skyrocket, with the number of new addresses more than doubling to 18,000 on June 17.
The excitement didn’t stop after the initial launch. The next day, the number jumped more than 76% to 31,800 new addresses, and the next day, on June 19, it increased another 12% to 35,800 new addresses on the day. Meanwhile, the 7-day moving average for transactions on ZKsync hit a three-month high on the day of the ZK token launch, with more than 1.8 million transactions recorded as users flocked to claim its airdrop. Surname.
Unfortunately for the network, this increase in activity was short-lived. The number of on-chain transactions decreased by 37% the next day, and continued to decrease by another 32% the next day.
Daily active address on ZKsync
The 7-day moving average for active addresses on ZKsync paints a similarly dramatic picture. On the day of the ZK token launch, the network saw its highest number of active addresses ever, nearly 675,000 addresses. Just three days after the token launch, the number of active addresses has halved. This sharp decline highlights that the initial spike was likely driven by dormant airdrop addresses suddenly becoming active again to claim their long-awaited tokens.
You can see the ZK price here.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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According to Theblock
