ZRX token, the governance token of the 0x decentralized exchange protocol, has encountered an impressive 100% price spike in only two days. This surge in price is joined by a record-breaking accumulation of ZRX tokens by whales. Of course, this signals a positive long haul viewpoint for the decentralized protocol, according to insights data from SpotOnChain and Santiment.
FTX and Alameda Makes $ZRX Deposits On November 1st
Notably, following recent reports from SpotOnChain, it’s revealed that FTX and Alameda deposited ZRX tokens to major exchanges like Binance and Coinbase on November 1st. Consequently, this move probably set off the current bullish momentum found in ZRX’s price.
Massive Whales Accumulation Spikes In About 1.5 Years Range
Notably, significant ZRX whales have been effectively accumulating the tokens, reaching their most noteworthy rate in about 1.5 years, as reported by Santiment. A particular whale address “0x84f” has notably executed a significant transaction, sending 4.85 million ZRX tokens (which is valued at $2.09 million). Of course, the strategic move resulted in an impressive $1.27 million gain. At present, ZRX is trading at $0.56, which is reflecting a 16% increase in its value mark.
238% Spike In ZRX Market Capitalization
Furthermore, the market capitalization of ZRX has also seen a remarkable improvement, surging +238% throughout two months. This marks an almost double figure (+89%) in only two days. This spike in market cap represents the significant inflow of capital into the ZRX ecosystem.
Adding to the intrigue, long haul investors are reportedly capitalizing on the results of the surge by closing profits and re-accumulating ZRX tokens. Particularly, this is a notable behaviour that further reinforces trust in the project.
Conclusively, the vigorous accumulation by whales, combined with the significant price pump and increased market capitalization, paints a bullish picture. It’s important to keep monitoring the market to see what the next step will be for this token.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.