LayerZero Price Jumps 10% Despite Massive Whale Transfer to Binance
LayerZero's (ZRO) price has surged over 25% from its July lows, and in the past 24 hours, it has risen by more than 10%. On-chain data shows that a wallet associated with LayerZero's Mint MultiSig transferred 1.2 million ZRO, worth approximately $1.13 million, to Binance. This transfer is part of a series of large exchange deposits made by the wallet over the past month.
The same wallet had previously received 2.345 million ZRO from LayerZero and has since transferred more than 3 million ZRO to Binance, valued at around $3.4 million. Additionally, crypto venture capital firm Spartan Group recently transferred 1.562 million ZRO, worth approximately $1.25 million, to wallet 0x56f.
The token's price is currently testing the upper boundary of a multi-week descending trendline, and a breakout above this level would be crucial for bulls. Despite the recent whale transfers, ZRO has remained resilient, recovering from its recent low near $0.75. The token's recovery has also been accompanied by improving momentum indicators, with Open Interest rising to around 67.1 million contracts.