LayerZero’s ZRO token experienced significant volatility, surging to a high of $2.59 following the announcement of its new Layer1-Zero network before retracing to around $2.07. The price movement coincided with substantial institutional interest, including a major purchase by Alameda Research, and a period of higher buy volume than sell volume across exchanges.
The price of LayerZero‘s ZRO token fell 11.61% to $2.071 after reaching a high of $2.59. This decline followed a weekly gain of 21% driven by positive market developments.
ZRO’s price increase to $2.5 on February 11 came after the team announced the launch of Layer1-Zero. The new network combines four technical breakthroughs aimed at performance and interoperability.
Investor demand was evident as ZRO recorded $32.47 million in buy volume against $30.2 million in sell volume over 24 hours. This positive buy-sell delta signaled increased market demand for the asset.
Institutional activity intensified with ARK Invest‘s collaboration and Cathie Wood joining the advisory board. Furthermore, Lookonchain reported that Alameda Research’s bankruptcy wallet swapped $24.49 million worth of STG for $24.29 million worth of ZRO.
The altcoin’s spot Netflow reached a record high of $6.16 million on February 11, with inflows remaining at $3.23 million at press time. Analysts note that higher inflows can sometimes accelerate short-term downside risk.
Despite the retracement, ZRO’s price remained above its key moving averages and within an ascending channel. Its Relative Strength Index was at 61, reflecting a continued bullish market bias.
