ZetaChain, a prominent platform in the Layer-1 space, made a significant impact in the crypto market after its native token ZETA soared over 150% on its first day of trading. However, as of Friday, the price reached a level of $1.81, and it was observed that ZETA began to consolidate.
$1.81 Million Evaporated
According to the latest liquidation data provided by CoinGlass, the total liquidation value that emerged over a 24-hour period amounted to $1.78 million. Breaking it down, long positions constituted $1.09 million, while short positions contributed $691,11 thousand to the overall liquidation figure.
During the liquidation period, there was also a 39.99% decrease in trading volume, which fell to $799.26 million. Despite the drop in trading volume, the number of open positions saw a 21.65% increase, reaching $40.13 million, indicating that investor interest had not waned.
ZetaChain, which supports multiple chains including EVM, Cosmos/IBC, Bitcoin, Dogecoin, Tron, and others, aims to facilitate seamless data and native value transfers between various blockchains.
In addition to cross-chain features, ZetaChain also announced native support for smart contracts.
As a result of these developments, developers will be able to create omnichain dApps that can optimally manage investments across multiple chains using a single contract, aiming for a more efficient application.
ZETA Gets Listed on Exchanges
Amidst these price movements, Binance and Coinbase maintained their leading positions by announcing the listing of ZetaChain’s native token ZETA. Following them, OKX exchange announced that ZETA/USDT perpetual futures would be available on February 2nd at 3:30 AM (UTC), with up to 50x leverage.
OKX also activated margin trading and Earn features for the ZETA token on the same date. This development came after the ZETA/USDT pair was listed on OKX’s spot cryptocurrency market on February 1st at 3:00 AM (UTC).
In a statement by ZetaChain, it was mentioned that the ZETA airdrop is still active, and users were reminded to add their wallets to the claim list before claiming their ZETA tokens.
Some market analysts suggest that after the current consolidation phase, the ZETA price rally could resume and potentially reach $5.
