zkSync (ZK) Price Prediction: Falls 39% After Airdrop, Can It Rise?

Bittime - zkSync (ZK) tokenwas launched via airdrop on June 17th. However, the euphoria that was imagined was dashed and replaced by a drastic drop in prices. What actually happened, and what is the future price prediction for zkSync (ZK)?

zkSync Airdrop: Initial Enthusiasm Turns to Disappointment

ZK's airdrop was initially greeted with enthusiasm. A total of 17.5% of the total supply of 21 billion ZK tokens was distributed to 695,000 eligible crypto wallets. Active users are even promised up to 100,000 ZK tokens.

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However, disappointment soon set in. Many active users felt they received less allocation than expected, while less active wallets actually received more. Criticism intensified when some established projects on zkSync, such as NFT project zkApes, did not accept airdrops at all.

Also read: ZK Nation Ready to Share ZKsync Airdrop! Golden Opportunity for ZKsync Era Users

zkSync (ZK) Token Massive Sale and Controversy

Blockchain analysis platform Nansen noted that 41% of monitored wallets immediately sold their entire ZK airdrop, while 29.2% sold some. As a result, the price of ZK plunged 39% from its initial price of $0.3098 to $0.1904.

Critics argue that airdrop criteria are ineffective at preventing Sybil attacks, where a single user controls multiple wallets to maximize airdrop profits. 

zkSync themselves argue that they are trying to reward true participants while maintaining fairness and integrity.

zkSync Fan Disappointment and Alleged Favoritism

The hope is that this airdrop will be a form of appreciation for loyal zkSync users. However, the reality actually sparked controversy. Crypto figures Mudit Gupta and Adam Cochran questioned the airdrop criteria which were considered easy to manipulate.

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Disappointment was also felt by users such as Anton ProfiT who felt they did not receive the airdrop even though they met the criteria. In fact, another user named Nonzee alleged favoritism because a zkSync developer allegedly had 47 wallets that received large allocations.

Users are demanding clarity from zkSync regarding this issue.

zkSync (ZK) Price Prediction: Up or Down?

Analysts expect ZK's future price to depend on several factors, including how zkSync handles the current controversy.

• Bull Market Conditions: Some analysts predict ZK prices could reach the $0.80 to $1.40 range.
• Bear Market Conditions: More conservative predictions see ZK prices in the range of $0.11 to $0.17.

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Meanwhile, a website with algorithm analysis predicts the price range of ZK in the next few years:

• 2024: $0.20 - $0.50 (average $0.48)
• 2025: $0.48 - $0.59 (average $0.58)
• 2030: $1.53 - $1.69 (average $1.64)

It is important to note that these predictions may change due to high volatility in the crypto market. Always do your own research before making an investment decision.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

How to Increase Profits on zkSync Airdrop

zkSync Airdrop Claims Have Been Opened, Here's the Guide and Details!

Alleged Velocore Hack on 2 Blockchains, zkSync and Linea

ZKsync Airdrop Becomes Targeted Attack of Misinformation Campaign

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.