The ZORA token has seen a significant price increase of 36.7% in the last 24 hours. This rise is the result of several key events in the crypto industry, including an update from Coinbase and new listings on major exchanges.
Base App Integration and SocialFi Boom
One of the main reasons for the ZORA price surge is the update of the Coinbase app that occurred on July 16. This update introduced tools for working with memecoins, allowing users to easily convert their social media posts into ERC-20 tokens. Following the implementation of this feature, user activity skyrocketed, with daily token mints increasing from 4,000 to 38,000 in less than ten days. Additionally, creator payouts surged from $1,000 per day to over $30,000.
Listings on Binance and KuCoin
Another factor fueling the ZORA price surge was the token's listing on Binance and KuCoin on July 25 and 26. On these platforms, the tokens were available for trading with high leverage up to 50x, leading to an 87% increase in trading volume, reaching $420 million in just one day. However, such activity may increase volatility, attracting short-term traders.
Technical Indicators and Predictions
Technical analysis indicates that the ZORA price peaked at $0.0796 but has since seen a slight decrease of about 12%. The current relative strength index (RSI) is at 90.58, indicating that the token is currently overbought. Since the launch of the Base App, ZORA's price has surged by approximately 434%, and it is currently trading at $0.07909, up 48% in the last 24 hours. At the same time, there is a significant increase in social media mentions of 'creator coins' and a rise in the holdings of large token holders.
The recent changes driven by the Coinbase update and the rising demand from creators cannot be overlooked. However, the overbought conditions and increased trading volumes with leverage create opportunities for significant price swings. Short-term movements for ZORA are expected to depend on continued user activity and market responses.
