At 7 p.m. tonight, more than 23 million ZRO tokens will be unlocked right on schedule, worth around $43 million. The token has gained nearly 70% over the past month. A big rally followed by an unlock—the crypto market’s most thrilling script is playing out tonight.
LayerZero is a veteran in the cross-chain messaging space. This is its regularly scheduled monthly unlock, with tokens going to core team members and early strategic partners. Over the past month, the price has climbed from just over $1 to above $2. I’ve included the chart below—it’s been a remarkably smooth ride up.
That said, an unlock doesn’t automatically mean a sell-off. Only the team and institutions know whether or when they’ll sell their tokens. Past ZRO unlocks haven’t caused any major crashes. The real test is the $2 level—if it holds, the bulls still have a chance; if it doesn’t, those who bought in at the top will be left holding the bag.
Of this nearly 70% rally, how much was driven by people “getting out before the unlock”? We’ll find out tonight at 7. By the way, ZRO isn’t in this alone tonight: XPL and H are also unlocking this week, and the market is already short on liquidity. Tonight is bound to be volatile.
⚠️ The above does not constitute investment advice. DYOR—trading involves risk.