LayerZero, this cross-chain old leading token, surged 27% today. The price moved from around 1.40 to near 1.50, with a market cap of over half a billion. The cross-chain sector has been cold for a long time; suddenly it’s pulled like this, and from the order book it doesn’t look like there’s well-prepared capital.
Trading volume is only about $6 million, yet the market cap is over $500 million. The turnover is so low it’s basically negligible. The buy side doesn’t need much money to push the price up, and when it’s time to exit, it’s just as hard.
Last time this kind of old coin was pumped up by 20% in a single day—I remember that in the following few days, it basically gave it all back. With volume like this today, whether it can hold above 1.50 tomorrow is another question.
Trading volume is only about $6 million, yet the market cap is over $500 million. The turnover is so low it’s basically negligible. The buy side doesn’t need much money to push the price up, and when it’s time to exit, it’s just as hard.
Last time this kind of old coin was pumped up by 20% in a single day—I remember that in the following few days, it basically gave it all back. With volume like this today, whether it can hold above 1.50 tomorrow is another question.
