ZRX, the governance token of the 0x decentralized exchange protocol, has seen major growth recently. The token price has pumped over 20% today and an impressive 70% in the last week alone. What’s driving this renewed interest in 0x? A closer look reveals large ZRX whales are accumulating tokens, signaling a bullish long-term outlook.
What you'll learn 👉
The 0x Protocol
0x is an infrastructure protocol built to enable decentralized trading of ERC20 tokens and other assets across different blockchains like Ethereum. By removing centralized intermediaries, 0x facilitates direct peer-to-peer exchange powered by the ZRX token. ZRX holders can participate in governance and access the project’s community treasury.
After months of sideways trading between $0.15 and $0.28, ZRX surged to $0.57 in just two days before pulling back to $0.48 currently. This rapid 238% market cap increase points to a resurgence in 0x project interest.
Whale Activity Surges
According to recent data, large-scale ZRX transactions from whales have reached the highest level in 1.5 years. One such transaction saw the whale address 0x84f send 4.85 million ZRX worth $2.09 million just 15 hours ago, netting a $1.27 million profit.
These types of whale transactions exceeding $100k in value suggest long-term holders are taking profits and re-accumulating ZRX tokens. Renewed whale accumulation often signals confidence in a project’s fundamentals and future growth potential.
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In Summary
The powerful ZRX price pump appears driven by surging whale activity and overall renewed interest in 0x as a top decentralized exchange protocol. With major holders accumulating and strong indicators in place, 0x seems primed for more upside ahead amidst its resurgence. The whales help confirm the positive long-term outlook for this leading DeFi project.
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