ZORA establishes a new ATH - What drove the shocking 360% surge?

ZORA is the native token of the Zora Protocol – a Web3 content platform that allows creators to mint, own, and trade content. This token surged to an all-time high of (ATH) yesterday.

A new milestone marks a spectacular breakout after a three-digit increase, helping the token escape a prolonged decline phase. This surge is driven by a series of strategic development steps, such as support on Binance Futures and integration with the Base App.

Why has the price of ZORA risen sharply?

ZORA was launched at the end of April, with 10% of the total supply of 10 billion tokens allocated to early users through an airdrop program. Additionally, this token has also been listed on many major exchanges.

However, the initial excitement quickly cooled down. As the number of users and traffic decreased, the price of ZORA also fell.

The situation began to improve again in mid-July, after Zora was integrated into the Base App. According to reports, Coinbase launched this app on July 17 as a rebranded version of the Coinbase Wallet. The app uses the infrastructure of Farcaster and Zora, allowing users to tokenize and trade content easily.

The ZORA Token plays an important role in minting content coins, paying referral fees, and participating in incentive programs within the ecosystem. The integration with the Base App marked the beginning of a strong price increase, which was later driven by many other factors.

On July 25th, Binance Futures listed the ZORA futures contract with leverage of up to 50 times. The combination of broader accessibility and practical applicability has helped the price of this altcoin increase by up to 360% in just the past week.

According to data, ZORA reached a record high of $0.1003 on July 27, before experiencing a slight correction. However, this token still recorded an 11% increase over the past 24 hours. At the time of writing, ZORA is trading around $0.084.

ZORA Price Chart | Source: TradingviewWith this price surge, the market capitalization of the ZORA token has also risen sharply, from about 35 million to nearly 300 million dollars, providing significant profits for many investors.

"When ZORA reaches a market cap of over 300 million dollars, a whale holding a 3x Long position on ZORA is currently showing a temporary profit of over 2.2 million dollars," the Onchain Lens account shared.

Not only has the price risen sharply, but the level of discussion about ZORA has also surged. According to data from LunarCrush, mentions of ZORA have increased from 2,893 to 8,378, equivalent to a growth of approximately 189.6% in the past week. Similarly, interactions have also increased from 4.2 million to 7.4 million.

ZORA is now also on the list of the top trending cryptocurrencies on CoinGecko.

Mentions and engagement levels with Zora | Source: LunarCrushActivity on the Zora platform has also increased significantly. According to the latest data from Dune Analytics, the total number of coins minted on this platform has peaked at over 54,000 on July 27. In addition, the number of unique creators has also set a new record with 22,567 individuals.

ZORA platform activity | Source: DuneThese numbers indicate an impressive comeback for ZORA, reflecting not only a recovery but also the increasingly expanding influence of the platform.

Although the future of this token still depends on market conditions, the current trend has highlighted the potential for a combination of social technology, finance, and blockchain.

Minh Anh