ZetaChain (ZETA) Price Rise Paused as Liquidations Reached $2 Million
Layer 1 interoperability platform ZetaChain has made a spectacular debut in the crypto market, with its native token ZETA skyrocketing over 150% on the first day. However, after reaching a high of $1.81 on Friday, ZETA price has undergone some consolidation.
$1.81 Million Saved in ZetaChain Liquidation
The latest liquidation data from CoinGlass on ZetaChain showed the total liquidation amount in the 24-hour period to be $1.78 million. According to the detail, long positions amounted to $1.09 million, while short positions contributed $691.11 thousand to the overall liquidation figure.
Moreover, during the specified period, transaction volume decreased by 39.99%, reaching $799.26 million. Meanwhile, open positions increased significantly, reaching $40.13 million, up 21.65%.
The increase in the value of ZetaChain (ZETA) can mainly be attributed to the mainnet beta launch on February 1, 2024, which led to a significant price increase shortly after it went live. ZetaChain stands out by offering different functions that are not available in other blockchain networks.
ZetaChain, a leading platform, facilitates cross-chain interoperability by connecting various blockchains such as Ethereum, Bitcoin, dogecoin, Cosmos and Tron. Its focus on solving the critical problem of blockchain interoperability has attracted a lot of attention from the industry.
Remarkably, despite being a separate layer-1 blockchain, ZetaChain is compatible with the Ethereum Virtual Machine (EVM), among others, highlighting the capacity for seamless data and value exchange between different networks.
ZetaChain will provide native support for smart contracts in addition to interoperability features. This functionality empowers developers to create multi-chain decentralized applications (dApps) that can efficiently manage funds across multiple chains through a single contract, thereby increasing flexibility and operational efficiency.
More Exchanges Announce ZETA Listings
Two of the top crypto exchanges – Binance and Coinbase – were among the first to announce the listing of ZetaChain’s native token, ZETA. On Friday, February 2, crypto exchange OKX introduced a USDT margin ZETA contract on the perpetual futures market at 03:30 UTC, providing users with the opportunity to trade ZETA/USDT with up to 50x leverage.
Additionally, the exchange also enabled margin trading and Simple Earning features for the ZETA token on February 2. This development follows the recent listing of ZETA/USDT on OKX’s spot market at 03:00 UTC on February 1.
ZetaChain has officially announced that the ZETA airdrop is still live and users must whitelist their wallets before claiming ZETA tokens.
Some market analysts believe that the ZETA price increase may continue after a short pause and the cryptocurrency has the potential to reach $5.We remind you, $ZETA #airlift still LIVE
Users must whitelist their wallets to claim $ZETA
Add your wallet to the whitelist
Important: The amount of whitelist points is limited. Don’t forget to pay your gas fee pic.twitter.com/42QXcX2tcA
— ZetaChain (@alarganprojects) February 3, 2024
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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