[Can Taiko reach $5? 】
TAIKO is an open source, permissionless ZK-Rollup designed to natively extend functionality to Ethereum. The recently launched Ethereum Layer 2 Taiko has experienced significant fluctuations. As of this writing, TAIKO price is $2.81, down 8.13% in the past 24 hours, according to CoinMarketCap.
With a market capitalization of $282.15 million, TAIKO ranks 2,658th among all cryptocurrencies by market capitalization. This valuation reflects TAIKO’s growing influence and adoption in the crypto industry, attracting the attention of investors and traders.
24-hour trading volume was $363.23 million, down 4%. Despite the decline, TAIKO ranks 20th in trading volume, demonstrating strong market activity and strong interest from the trading community.
The self-reported circulating supply is 100 million TAIKO, and the total supply is 1 billion TAIKO. Fully diluted market capitalization is $2.81 billion.
Since its launch, Taiko has soared in price, catching the attention of investors and traders. Although the market corrected slightly today, it continues to show resilience and growth potential. On May 6, Taiko reached an all-time high of $3.10 before retracing slightly.
Its peak was driven by positive market sentiment, increased trading volume and important developments within the Taiko ecosystem. South Korean cryptocurrency exchange Upbit supports Ethereum L2 Taiko, listing it on its platform.
This move increases Taiko's appeal, especially with the involvement of Vitalik Buterin. A recent CoinGape Media report highlighted Taiko’s gratitude to Buterin during the Ethereum mainnet launch. This follows Vitalik’s proposal for Ethereum’s first block and further enhances the protocol.
Ethereum Layer2 Taiko implements permissionless ordering and attestation after its mainnet launch and token issuance, claiming to be the first Rollup. Taiko went live on mainnet last week, a process that began in 2022 and went through seven testnets, with Ethereum co-founder Vitalik Buterin proposing the first block.
With current TAIKO price developments, a move above $2.85 could lead to the next significant resistance level at $3.10, the previous all-time high. A breakout of this long-term trading pattern and stability above this level could pave the way for TAIKO to target higher resistance at $5.
Conversely, if TAIKO price comes under more pressure and falls below $2.8, a retracement to the descending support trendline at $2.7 is likely. Bearish market sentiment could further pressure TAIKO, possibly leading the price down to lower support at $2.5.
