LayerZero Slumps 10% Amid Macro-Driven Crypto Selloff

A recent US inflation print sent shockwaves through the cryptocurrency market, leading to a broad selloff that affected LayerZero (ZRO) significantly. According to CoinMarketCap, ZRO dropped around 10% in response to the macro-driven risk-off move.

The hot inflation data raised concerns about higher interest rates, which hurt risk assets, including crypto. This led to large liquidations across derivatives positions, with hundreds of millions of dollars in crypto longs wiped out.

While there was no ZRO-specific negative catalyst, the token's ongoing supply overhang made it more sensitive to market swings. The recent coverage on LayerZero has been positive, highlighting its fundamentals and potential for growth.