Ziliqa price: here’s why ZIL token is up nearly 50% today

Ziliqa (ZIL/USD) is up more than 49% in the past 24 hours. According to data from CoinGecko, the digital token is currently the best gainer among the top 100 cryptocurrencies by market cap, gaining more than Cardano’s 13% and Solana, whose SOL is up 21%.

Amid a broader sentiment flip within the cryptocurrency ecosystem, ZIL’s value rose to highs of $0.02745 on cryptocurrency exchange Binance. Before pumping nearly 50%, ZIL traded at $0.01742 on Saturday. But as can be seen on the chart below, the past 24 hours have reflected a different market for the 80th ranked cryptocurrency, which has a market cap of $437 million.

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Despite the gains, Ziliqa price remains nearly 90% from its all-time high of $0.25537 reached in May 2021. Yet, for ZIL holders, overall crypto optimism and a few great local blockchain developments could make this an opportunity for anyone looking to buy Ziliqa.

ZIL price pumps amid Ziliqa blockchain development news

Ziliqa is a highly scalable public blockchain, with sharding technology and transaction speed that beats many of the top smart contracts platforms. However, while it boasts a network capable of thousands of transactions per second (TPS), it has not really hit the highs expected when it launched in 2017.

But the Ziliqa team believes a few upgrades to the permissionless blockchain will trigger the next wave of developer activity. According to a recent announcement, Ziliqa has added EVM compatibility on its testnet.

Once it goes live on mainnet, users will enjoy seamless transactions, including sending and receiving ZIL easily from their ZIL wallets to EVM-compatible wallets such as MetaMask. Developers can build Solidity contracts on the Ziliqa blockchain, while users will also be able to directly interact with Ethereum dApps.

Integration with MetaMask and Web3 music platform TokenTraxx are not the only great things coming to Ziliqa in 2023.

The vision includes the launch of liquid staking (through Avely Finance that already announced a public testnet), and borrowing and lending protocols.

The team is also eyeing further growth momentum via strategic investments. It’s easy to see why the community is thus bullish on Ziliqa, particularly given the new developments will likely aid the demand for the native ZIL going forward.