The ZORA native token, associated with the social network Zora, has witnessed a remarkable surge in value, reaching new all-time highs amidst a flurry of user engagement and strategic integrations. This surge has sparked optimism among investors, hinting at a sustained momentum in the foreseeable future.
Breaking Records
In a significant development on Monday, ZORA, the decentralized social network’s token, experienced an impressive 50% surge, hitting an unprecedented ATH of $0.145. Zora’s unique concept allows users to transform their social media posts into tradable tokens automatically, with over 2.06 million tokens generated since its inception, as per Dune data.
The launch of the ZORA token back in April, with 10% of the supply distributed through an airdrop to early adopters, initially faced backlash due to concerns regarding fairness in allocation and potential centralization issues.
Despite the initial criticism and a price drop shortly after the launch, the token has demonstrated an impressive performance since July, surging by a staggering 1,573% within a month and achieving a market capitalization of $438.9 million.
The ongoing rally of ZORA can be attributed to a series of factors, including crucial integrations and the accumulation of significant holdings by major investors.
One notable integration occurred in mid-July, enabling users to mint tokens directly on the Zora platform within the Base App, enhancing accessibility and user experience. This integration facilitated Base’s overtaking of Solana in terms of token launches.
Furthermore, the announcement by Binance regarding the introduction of the ZORA/USDT perpetual futures trading pair with up to 50x leverage on July 25, following the Base App integration, fueled the token’s surge to its previous high of $0.09 by July 27.
Emerging as a Leading Launchpad
According to Jesse Pollak, the lead developer at Base, Zora led in token creation among launchpads on Base and Solana in the previous month, surpassing prominent Solana platforms Pump.fun and LetsBonk in terms of token launches.
Although the start of August witnessed a temporary setback with a 50% decline from the July peak, both the token and the platform have exhibited a notable recovery over the past week, with a 128% price rally and a 27% surge in token creation activity since August 4.
On August 10, a significant spike in token issuance was observed on the platform since July 31, with 47,743 tokens created by 21,052 unique creators, potentially contributing to the surge in ZORA’s price on Monday.
Riding the Wave of ‘Onchain Culture’
A week before ZORA’s remarkable surge, Coinbase’s Layer-2 (L2) Network, Base, faced criticism over rug-pull accusations following the promotion of an unofficial memecoin that experienced a drastic 90% crash.
The official X account of Base posted an image with the caption “Base is for everyone” and a link to Zora, sparking excitement within the crypto community. Base clarified that they endorsed Zora to encourage bringing content on-chain and utilizing the associated tools for the benefit of all users.
Market observers have highlighted the recent momentum of Zora, positioning it as a frontrunner in innovation on platforms like Base, abstract, megaeth, and lighter, rather than solely on the Ethereum mainnet.
