Data: ZK token valuation drops to $3.4 billion, down 40% from its launch

ChainCatcher news, according to The Block, data shows that the market capitalization of the zkSync Era token ZK is currently around $600 million, with a fully diluted valuation of $3.4 billion as of the time of writing, a decrease of 40% from its valuation at launch on June 17.

The Block analysts pointed out that this may be due to the ongoing selling pressure from airdrop recipients and the overall poor market conditions. The 7-day moving average of active addresses on zkSync Era hit an all-time high on the day of the ZK token release, approaching 675,000, but the number of active addresses halved just three days after the token launch.