🌎 LayerZero Price Soars 10% Post-Airdrop Amid Exchange Listings

LayerZero (ZRO) price surged following a successful airdrop, climbing nearly 10% to reach $4.40. This valuation surpasses many established brands like Flow, Ethena, Quant, and Ethereum Name Service.

The token’s rally continued even after developers required claimants to pay 10 cents to support its ecosystem. This small fee aims to raise $18 million for the Protocol Guild.

Adding to the momentum, several tier-1 exchanges, including OKX, ByBit, and HTX, have begun offering LayerZero for trading on their platforms.

New Listings Drive Interest

History suggests that the token’s price may pull back in the coming days as airdrop recipients sell their tokens. For instance, zkSync token crashed recently after its airdrop due to mass sell-offs. Most cryptocurrencies experience a price spike shortly after an airdrop due to initial hype, followed by a pullback.

In May, Notcoin’s price soared to $0.027 on its first day but then fell by over 50% the following day. Similarly, Sei jumped to $1 after its airdrop last August but dropped to $0.09 within a few weeks. Therefore, there is a high likelihood that ZRO will follow a similar pattern.

Potential for Rebound

On a positive note, many tokens tend to bounce back after the initial sell-off. Sei, for example, recovered from $0.096 to reach a record high of $1.15. Notcoin also surged to a record high of $0.030 after its initial plunge.

LayerZero has emerged as one of the biggest airdrops this year. Based in Vancouver, the platform offers technology that enables applications to move data across multiple blockchains.

Currently, LayerZero is compatible with chains like Ethereum, Arbitrum, Optimism, Base, and Avalanche. The developers aim to add more chains in the coming months. Some of the dApps utilizing the network include Ethena, Stargate, Conflux, and AAVE.