ZK’s fully diluted value was $3.5B, which is around 40% lower than its valuation at launch.
On the day of the ZK token launch, there were more than 1.8 million transactions recorded.
With a market valuation of over $1 billion, zkSync’s much-anticipated token debuted on June 17. Despite a brief surge in the first launch hours, ZK’s market value progressively declined in the days that followed, most likely as a result of persistent sell pressure from airdrop participants and generally unfavourable market circumstances.
At the time of writing, ZK’s fully diluted value was $3.5 billion, which is around 40% lower than its valuation at launch; the market capitalization is at $613 million as per data from CMC.
Enthusiasm Fading
New unique addresses on the zkSync Era chain averaged around 7,000 per day in the week preceding up to the ZK debut, which was a rather tranquil time. This amount, however, exploded on June 17, the day of the ZK token launch, when the quantity of new unique addresses more than doubled to 18,000.
The original rollout didn’t cause the enthusiasm to fade. This number increased by more than 76% the next day, reaching 31,800 new unique addresses; the following day, on June 19, it increased by another 12%, reaching 35,800 new addresses for the day.
On the day of the ZK token launch, there were more than 1.8 million transactions recorded as users rushed to claim their airdrops, which caused the 7-day moving average for transactions on zkSync Era to reach a three-month high.
This surge in activity was, however, fleeting for the network. The next day, the number of transactions on the chain fell by 37%, and the following day, it fell by 32% more.
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