Crypto
LayerZero Volatility Spikes Amid Fresh Supply and Broad Crypto Risk-Off
LayerZero (ZRO) has experienced significant price volatility due to a combination of factors.
The crypto asset recently saw nearly 26 million ZRO, approximately 7.16% of its current circulating supply, enter the market after a unlock and transfers from a wallet linked to LayerZero's Mint multisig to Binance.
This fresh supply combined with profit-taking following the official token launch and listing, accompanied by a large-scale airdrop, has led to sharp price swings in ZRO.
The broader crypto market also played a role, experiencing a risk-off sentiment that likely amplified ZRO's downside. Bitcoin dropped below $64,000 on 28 July, triggering about $100 million in forced liquidations.