Why did ZRO plummet?

LayerZero's price fell as the cryptocurrency industry experienced a massive sell-off. Most tokens saw double-digit declines, with Bitcoin falling below the key support level of $64,000, while the total market value of all tokens fell to $2.33 trillion.

LayerZero's decline was related to its users' criticism of its proof of donation mechanism during the airdrop. All token recipients must donate $0.1 to the Protocol Guild to claim the tokens, which is a novel airdrop method.

In addition, the collapse of the ZRO token is also related to some users complaining that they did not receive the allocated tokens. The development team said in a statement that they have launched a platform to handle appeals and correct the allocation problem.

Furthermore, some ZRO recipients chose to liquidate after claiming the tokens, which also contributed to the price drop. As we recently reported, most zkSync recipients sold their tokens after the airdrop

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