ZkSync Defies Market Downtrend, Surges 150% in November — What’s Driving the Rally?
ZkSync (ZK) surged 150% in November, driven by Vitalik Buterin's endorsement and a founder's proposal to link the token to network utility.Summary
ZkSync (ZK), a Layer-2 Ethereum scaling solution, defied the broader market downtrend by surging 150% in November, moving from $0.03 to over $0.07, accompanied by a massive 30x increase in 24-hour trading volume.
The primary catalyst was Ethereum co-founder Vitalik Buterin publicly praising ZkSync's Atlas upgrade, which analysts compared to his previous endorsement of Solana. Further momentum came from ZkSync's founder, Alex, proposing to transform the ZK token into a utility asset by using on-chain and off-chain fees to buy back and burn tokens, directly tying its value to network revenue.
An additional factor is the growing market interest in privacy narratives, spurred by ZkSync's unveiling of ZkSync Prividium. While analysts predict a potential further 135% rally after a short correction, the token still faces the challenge of sustaining momentum against broader market sentiment and managing its significant monthly token unlocks.
(Source：BeInCrypto)