LayerZero Rallies on Perpetual Contracts as Sellers Lurk

LayerZero's token ZRO has seen an 11.3% gain in the last session, trading at $1.96 per unit with a market capitalization of $765 million.

The perpetual contract volume surpassed $279 million in 24 hours, with a Long/Short ratio of 1.56 indicating a predominance of buy positions.

However, despite this rally, net sell flow accumulated $9.07 million over the past ten days, placing constant selling pressure on the token.

The perpetuals market drives LayerZero's rally, with Binance accounting for more than 32% of total volume and a leading venue by activity in ZRO.