Zilliqa Market Cap Jumps 58% in One Week as Demand for Scalability Grows


In virtually no time at all, Zilliqa has become one the world’s most valuable cryptocurrencies. The coin, which trades under the symbol ZIL, has skyrocketed 58% over the past week despite attempts by scammers to target users with fake airdrops.

ZIL Price Levels

ZIL shot up 30% on Tuesday to a price per coin of $0.20, according to CoinMarketCap. The coin saw daily turnover in excess of $200 million.

At present values, ZIL has a total market capitalization of nearly $1.5 billion, placing 22nd on the active leader board. Only 27 other cryptocurrencies are valued at $1 billion or more, with two others trading at a cap of at least $932 million.

ZIL, which also trades against major cryptocurrencies, was last seen trading at 0.00002150 BTC (+28.4%) and 0.00026722 ETH (+29.9%).

Zilliqa is one of a few prominent cryptocurrencies to be trading at record highs, with most larger projects valued well below their peak. Cryptocurrencies as a whole were trading at a market cap of $435 billion on Tuesday, which is roughly $36 billion shy of the weekend high.

The recent gains appear to have coincided with an announcement that OKEx will begin supporting ZIL trades. The Hong Kong-based platform is the world’s third-largest by volume. Major platforms Binance and Huobi also offer trading in ZIL coins. Binance alone generates roughly two-thirds of the daily trade volume.

Airdrop Rumors Squashed

The Zilliqa project recently outed an elaborate scam luring users to a phishing website with promises an airdrop event. In an official twitter post, the company informed traders of the scam and urged them to ignore any mention of an airdrop. The following security message also appeared on the official website:

“We are aware of ongoing scam attempt that involves the use of phishing website. The website in particular is asking for user’s private key information in order to participate in Zilliqa airdrop. Please note that this is a scam and there is no airdrop. Stay safe.”

The Singapore-based company has attracted investors with real-world solutions to the scalability issues facing cryptocurrencies. First appearing last year, Zilliqa claims it will one day be able to process roughly 1,000 times the transaction rates of Ethereum. It is unclear whether Zilliqa will maintain its value proposition once Ethereum unveils its sharding protocol in the future.

Nevertheless, Zilliqa has released a public testnet block explorer and wallet, which are available through the official website.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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