A mysterious entity has accumulated $47.5 million worth of LayerZero‘s ZRO token, representing 2.6% of its circulating supply, according to on-chain analysis. The buying spree occurred across nine wallets funded by Coinbase Prime and began shortly after the Zero chain announcement. While LayerZero CEO Bryan Pellegrino denied any knowledge of the investor, the token faces significant technical resistance at the $2.50 price level.
An unknown entity has secretly amassed 24.5 million ZRO tokens, worth approximately $47.5 million, across nine wallets. The crypto analytics platform Nansen reported that the accumulation was funded by a single source: Coinbase Prime. This activity started quietly on Coinbase in early March, exactly three weeks after the Zero chain announcement.
Given the timing, some market observers speculated the investor could be part of LayerZero‘s inner circle. However, LayerZero CEO Bryan Pellegrino clarified he did not know the investor. “We’ve told every fund and institution we’ve spoken to our preference is they just buy ZRO directly on the open market, vs purchasing from labs or foundation,” Pellegrino stated.
The Zero chain is scheduled to launch in the fall of 2026 and has attracted major financial backers including Citadel Securities, Tether, Ark Invest, and Google. The whale’s intentions remain unclear, including whether they plan to sell when the chain goes live. Meanwhile, ZRO’s price had risen 60% from a recent low to hit $2.50.
This price level has acted as a key resistance zone since the second half of 2025. More than 34 million ZRO was acquired at this resistance zone, which could prompt investors who have broken even to close their positions. Such selling would reinforce the area as a significant obstacle for the rally.
Available on-chain data indicated selling pressure from existing holders was not yet evident at the time of writing. According to the 14-day average Holder Net Position Change, investors were still holding and adding to their positions. A shift to negative flows would suggest holders have begun offloading their tokens.
