Bitget Launches Staking Token ZKSync (ZK), Are These Signs Of Market Recovery?

Bitget launches ZKSync (ZK) token staking (Photo; Doc. Cryptodataspace)

JAKARTA - Bitget, one of the leading crypto derivative trading platforms, has taken strategic steps by launching a staking option for ZKSync (ZK) tokens. This initiative comes as hope for investors looking for signs of recovery after a series of price turbulence that rocked the market recently.

With a vision to strengthen the ZKSync ecosystem, Bitget announced the launch of ZK token staking on the PoolX platform. A total of 413,700 ZK tokens have been prepared to be staked in this pool, with a maximum staked limit of up to 4,137,000 ZK tokens. The mining period runs from June 18 to June 28, with a reward given hourly based on the user's staking volume.

The reward distribution mechanism is designed to encourage active user participation in the ZKSync network. Users will receive a reward section based on the proportion of ZK tokens they stake relative to the total number of tokens that are taken by all participants.

According to a report from Coingape, after the ZK token was dropped by zkSync, there was massive sales that caused the addition of around 500 million US Dollars (around Rp.8.1 trillion) of ZK tokens to the market. As a result, the price of tokens fell to around 0.020 US Dollars (around Rp. 327.30).

More than 4,160 wallet addresses were involved in this sale, with the top 30% selling off part of their tokens and nearly 29% opting to store them. Nevertheless, zkSync remains committed to distributing 3.67 billion tokens to more than 695,232 addresses.

In the last 24 hours, the price of ZK tokens has been under bearish pressure with strong resistance at 0.2311 US Dollars (around Rp3,781). However, currently bulls have taken over with token prices trading at 0.2146 US Dollars (approximately Rp3,511), showing an increase of 0.50%.

Despite this bullish trend, token prices still fell by about 30% from an all-time high of 0.3098 US Dollars (around Rp5,069) recorded two days ago. ZK's market capitalization rose by 1.14% to 793,600,019 US Dollars (around Rp12.9 trillion), while 24-hour trading volume fell by 12% to 798,789,848 US Dollars (around Rp13 trillion).