Zama Protocol Surges 27% as Whales and Institutions Fuel Price Rally
Zama Protocol has seen its price surge by 27% in the past 24 hours, outperforming other assets in the privacy sector. This significant increase is largely attributed to the support of whales and institutions.
A major whale has been actively accumulating ZAMA tokens from the Kraken exchange, with a recent purchase of 14.26 million tokens worth $571K. Over the past 125 days, this wallet has acquired a total of 98.18 million ZAMA tokens, valued at $3.93 million.
This aggressive absorption of released supply is one reason why Zama Protocol's price is rallying despite daily token unlocks. Multicoin Capital, an institution, is also buying the altcoin, with its co-founder and managing partner Tushar Jain stating that 'institutions need privacy to operate.'