Just two hours after ZK Nation airdropped the ZK tokens, over 225,000 addresses claimed their ZK tokens. The claims amounted to over 45% of the total airdropped ZK tokens. The zkSync network faced high traffic, slowing down transactions.
The ZK community has been keenly waiting for the ZK airdrop. The network has increased in popularity over time, making crypto investors eager to invest in its native token. The ZK token airdrop synched with its listing on Binance. The largest crypto exchange platform listed the ZK token a few hours ago, with BTC, USDT, FDUSD, and TRY as available trading pairs.
Also read: Binance lists zkSync (ZK) with ZK token distribution program
Following a successful airdrop, the community has been eager to trade ZK tokens on various exchanges. Just after the launch, the ZK token price dropped by 20%, signalling many investors decided to dump the token immediately after claiming. Currently, the token price is down 8%.
ZK tokens airdrop experiences delays
More than 45% of the airdropped ZK token supply has been claimed by over 225,000 addresses in less than 2 hours 😳
It's a Monday, don't you have work? https://t.co/gSA8mc0QOg
— ZK Nation (@TheZKNation) June 17, 2024
The ZK community claimed over 45% of the ZK token airdrop just two hours after the airdrop. Through their X handle, ZK Nation announced that 225,000 addresses claimed their airdropped ZK token. The increased number of users on the network led to high server loads, which caused degraded performances on some RPC services.
ZkSync announced that their teams are working to increase the RPC capacities to allow a smooth process. At the same time, Binance exchange also gave an update on ZK tokens, claiming delays could be due to issues with Binance nodes. The exchange communicated that its tech team was working actively to ensure that everything worked properly before trading began.
Also read: Which ZK rollup projects are emerging as influencers in 2024?
Binance communicated that they would credit the deposits once the block height caught up. The successful deposits on the exchange were secure. The tweet read,
“Update: $ZK deposits may face delays due to issues with our node.
Our tech team is fixing it urgently, and will be recovered before trading starts. Deposits will be credited once the block height catches up.
Successful deposits are secure. Please stay tuned.”
– Binance
ZK token price drops 8% after listing
At the time of this writing, the ZK token is trading at $0.2627 on the Binance exchange, a $0.02414 decrease from its listing price. The token’s price is currently down 8.42%, with a live market cap of $965.63 million and a 24-hour trading volume of $100.92 million on the Binance exchange.
Also read: New Binance listing IO token surges +48% in the last 24 hours
Within the last hour, the ZK token price has declined by 13.51%. According to Binance data, the ZK token price has a 24-hour low of $0.258385 and a high of $0.3097. Currently, the token is ranked at number #94 in popularity, with a fully diluted market cap of $5.52 billion.
The ZK token airdrop is currently trending on X as crypto investors express their opinions. Some airdrop beneficiaries are trying to buy the current dip, while others are quick to sell to escape the market volatility. Some users have also expressed their frustrations interacting with zkSync, saying the network is down and limiting them from buying and selling the token on DEX platforms.
Cryptopolitan reporting by Collins J. Okoth
