Zora (ZORA) climbed nearly 50% in the past 24 hours to over 13 cents, extending a week-long rally to over 118% and pushing the market cap to $450 million.
No immediate catalyst or news event seemed to create the demand bump, but the rapid price movement suggests a wealthy player purchased an unusually high amount of tokens in anticipation of future volatility to the upside.
As such, on-chain metrics show a spike in coin creation activity on Sunday, with 47,000 issuances from 21,000 creators, marking the highest such figures since July 31.
Zora, an OP Stack Layer 2 built for creators and media minting, was added to the “Base App” discovery flow in mid-July, improving retail access and boosting creator-side activity.
Trading volume spiked to $284 million on Sunday from under $160 million a day prior. The rally came as major derivatives venues, including Binance, introduced ZORA perpetual contracts with leverage up to 50x — widening directional access and drawing speculative capital into the market.
These listings have likely compressed spreads and deepened liquidity, fueling both spot and leveraged positioning in the Base ecosystem token.
The ZORA token was launched in April via a retroactive airdrop to early users, leaving a relatively tight free float.
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