ZetaChain (ZETA) Price Rally Takes A Pause As Liquidations Hit $2 Million

Highlights

OKX Introduces ZETA/USDT trading with 50x leverage for its users.
The open interest for ZETA surged by 21.65% to reach $40.13 million.

Layer-1 interoperability platform ZetaChain made a stellar debut in the crypto market with the native token ZETA skyrocketing by over 150% on the first day. However, after hitting a high of $1.81 on Friday, the ZETA price has come under a bit of consolidation.

ZetaChain Records $1.81 Million in Liquidations

In the latest liquidation data sourced from CoinGlass on ZetaChain, the 24-hour period saw a total liquidation amount of $1.78 million. Broken down, long positions accounted for $1.09 million, while short positions contributed $691.11 thousand to the overall liquidation figure.

Additionally, the trading volume experienced a decline of 39.99%, amounting to $799.26 million during the specified period. Meanwhile, open interest witnessed a notable increase, rising by 21.65% to reach $40.13 million.

The surge in ZetaChain’s (ZETA) value can be primarily attributed to its mainnet beta launch on February 1, 2024, which led to a significant price increase shortly after going live. ZetaChain stands out by offering distinctive functionalities not found in other blockchain networks.

As a pioneering platform, ZetaChain facilitates cross-chain interoperability, connecting a variety of blockchains including Ethereum, Bitcoin, Dogecoin, Cosmos, and Tron. Its focus on solving the critical challenge of blockchain interoperability has drawn considerable interest from the sector.

Remarkably, despite being a separate layer-1 blockchain, ZetaChain is compatible with the Ethereum Virtual Machine (EVM) among others, highlighting its capacity for seamless data and value exchanges between different networks.

In addition to its interoperability features, ZetaChain will provide native support for smart contracts. This functionality empowers developers to create omnichain decentralized applications (dApps) capable of efficiently managing funds across multiple chains through a single contract, thereby enhancing flexibility and operational efficiency.

More Exchanges Announce ZETA Listing

Two of the topmost crypto exchanges – Binance and Coinbase – were among the first to announce the listing for ZETA, the native token of ZetaChain. On Friday, February 2, crypto exchange OKX also introduced a USDT-margined ZETA contract on its perpetual futures market at 3:30 AM (UTC), providing users with the opportunity to trade ZETA/USDT with leverage of up to 50x.

Furthermore, the exchange also activated margin trading and Simple Earn features for the ZETA token on February 2. This development follows the recent listing of ZETA/USDT on OKX’s spot market at 3:00 AM (UTC) on February 1.

ZetaChain officially announced that the ZETA airdrop is still live and users need to whitelist their wallets before claiming the ZETA tokens.

We remind you, $ZETA #airdrop is still LIVE 🔥

Users need to whitelist their wallet before being able to claim $ZETA 🟢

Whitelist your wallet⤵️
🔗 https://t.co/zhBi3WjLvX

Important: Quantity of whitelist spots is limited. Don`t forget to cover your gas fee pic.twitter.com/42QXcX2tcA

— ZetaChain (@alarganprojects) February 3, 2024

Some market analysts believe that the ZETA price rally can resume after a short break and that the cryptocurrency has the potential to reach $5.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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