The newly launched ZKsync token has made a significant entry into the cryptocurrency market, immediately securing a place on major exchange platforms. As of Monday, the token boasts a remarkable market capitalization of over $935 million and a fully diluted valuation approaching $5.3 billion.
This impressive debut reflects the high market anticipation and investor confidence in the token’s potential. However, the market has seen a drop in the last 24 hours with a price decline of almost 20% trading at $0.2461 at press time according to Coingecko.
Binance Spearheads ZK Trading Options
Leading cryptocurrency exchange Binance was quick to support the ZKsync token, introducing multiple trading pairs early Monday morning. The addition of pairs such as ZK/BTC and ZK/USDT has broadened trading opportunities, affirming Binance’s role in promoting new cryptocurrencies.
Furthermore, Binance has planned a token distribution program aimed at boosting user engagement and rewarding participants, which will continue through mid-July.
Despite the successful launch, the ZKsync token has attracted attention from undesirable quarters, with an increase in scam activities targeting users. Web3 security platform Blockaid reported a significant rise in fraudulent dApps mimicking ZKsync services. These scams primarily aim to deceive users into authorizing transactions, highlighting the ongoing challenges within the crypto space regarding security.
Also Read : ZK Nation Releases Updated FAQ on Upcoming ZKsync Airdrop
