NEAR and ZIL tokens take a hit

Blockchain portal Zilliqa’s ZIL token is down 14% as of yesterday (Monday April 25), descending from its monthly low of $0.09 according to data from CoinMarketCap.

At the start of April, ZIL was trading at $0.22. The token was coming together after the launch of the Zilliqa-powered metaverse, Metapolis. However, the price is now showing half of that and has since dropped to $0.10.

Joining the Blockchain Game Alliance (BGA) last week was a good move for the token, boosting it to nearly $0.14. However, the success did not last long as ZIL slipped to the 70th ranking as one of the most valuable cryptocurrencies, with a market cap of $1.2bn.

A token showing results not too dissimilar to that of ZIL is the NEAR Token, one that powers the NEAR protocol. NEAR is (nearly) trading at a one-month low with a dip of more than 10% in the last 24 hours (as of Monday April 15) according to CoinMarketCap with a trading price of $13.70).

After a huge £350m fundraise supported by investors Tiger Global, FTX Ventures and Republic Capital, the significant drop in the NEAR token was seen as a shock following its $19.64 mark recorded around only two weeks ago.

NEAR has also undertaken fundraising rounds generating $21.6m in May 2020 and a further this $150m in January this year.

It seems like ZIL and NEAR aren’t the only tokens struggling and the rest of the crypto market has taken a hit too.

Harmony (ONE) was down 10.4%, Polkadot (DOT) declined 9.2% and Cosmos (ATOM) decreased 9.3% (at time of writing Monday April 25).

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Source

Updated: 04/26/2022 — 13:00