LayerZero Rebounds Amid Market Retrace and ZRO Jumps 20%

LayerZero (ZRO) stands out as one of the first altcoins to recover following market turmoil, posting positive numbers despite an controversial token airdrop last month and remaining bullish about long-term prospects for this cryptocurrency.

After LayerZero’s long-awaited ZRO token launch in late June — with an airdrop offering free tokens to all LayerZero protocol users — many in the crypto community expressed discontent at its poor reception.
Users were outraged with the airdrop’s claim mechanism for token allocations. Minutes before launch, LayerZero Foundation revealed their new “Proof-of-Donation” claim system as they gave out token allocations via airdrops.
Users were required to donate $0.1 USDC, USDT or ETH per token allocated and have it go straight into The Protocol Guild–an organization providing funding mechanisms for Ethereum developers.
LayerZero faced criticism over this move by many community members who perceived them to be exploiting supporters and lacking proper communication with them, leading them to experience a 38% decrease in value following launch of its token.
ZRO quickly plunged from its $4.57 all-time high (ATH) to as low as $2.83 within days after launch and eventually reached an ATL of $2.48 after further trading retracements.
ZRO has recently experienced an astounding 53% recovery since Bitcoin (BTC) returned to the $60,000 support zone last week; thus beginning an upward trajectory which took them from their ATL (average true range) all the way up to their biweekly high of $4.2.
LayerZero token has experienced its share of market retracements as BTC performance pulled it down to $2.75 earlier today; however, since then it has rebounded by 20% or so.
As of this writing, ZRO stands as one of the few altcoins showing significant green numbers across multiple timeframes. Additionally, its token has seen double-digit price gains each week and biweekly timeframe – 40.2% and 22.1% price increases respectively.
Investors Express Positive View of LayerZero Following LayerZero’s performance in recent weeks, investors and market watchers expressed optimism for its token. Some traders stated that ZRO “held relatively well during its recent dump” before rebounding strongly thereafter.
Cryptotrader CryptoKnight noted ZRO’s sudden upswing, noting it could hit $5 within weeks, according to one market observer; others such as SpiderCrypto expect it will reach $10 by year’s end; LayerZero was noted by this latter source as the ideal infrastructure company for those believing in multichain future.
Seemingly, users remain confident in the protocol despite its launch hiccup. Some investors consider it one of the “cleanest brands around”, offering a token with relatively easy sellability that “isn’t difficult to sell to those suffering from FOMO”.

LayerZero Labs announced their integration of Flare, a blockchain focused on data, into their system in order to connect Flare developers to 75 other networks and offer access to over 50 thousand digital apps that connect dApps within Flare as well as “vast quantities of users and sources of liquidity.” According to LayerZero’s post regarding this integration, 75 other networks can connect through Flare with 75 additional dApps connected directly or through third party applications that incorporate it.
At time of writing, ZRO had experienced an impressive 21% surge over 24 hours to trade at $3.81 and show its performance via weekly chart on TradingView (ZROUSDT on TradingView) to its stockholders and supporters alike. For further insight on its progress please check Unsplash or TradingView respectively for images/charts respectively.