Amid the bearish trend that suppressed several coin prices, including Bitcoin, the Zilliqa token emerged among the gainers. Zilliqa secured first place among top-gaining coins in the bearish cryptocurrency market with a 9% uptrend over the past 24 hours.
This price move follows a network performance statistics update shared by a Twitter community member @inna_everstake. According to stats, Zilliqa reached a new milestone in network addresses and daily transactions.
Zilliqa Hits Milestone In Network Activity
Zilliqa is a permissionless public blockchain that offers high transaction throughput. It aims to improve blockchain scalability and speed using sharding as a layer2 scaling solution.
The Zilliqa network relies on shards to solve scalability issues. Each shard processes transactions independently. The number of transactions increases as the Zilliqa network grows and the number of shards increases.
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The recent network performance statistics suggest the Zilliqa network is rapidly growing and has gained more traction. According to the update, Zilliqa recorded 4,582,116 addresses with 47,937,935 transactions and over 5.5 billion staked ZIL tokens.
The statistics are incredible, given Zilliqa’s position in the cryptocurrency market compared to other Smart Contract platforms like Cardano, Ethereum, and Solana. Another notable fact is that the total addresses recorded participate in active daily transactions.
Zilliqa’s improved performance could be due to the increasing number of new developers coming to build on the network. The Zilliqa ecosystem has been active in running innovative programs that attract new Web3 developers, which is why the network addresses and transactions skyrocketed.
ZIL Price Outlook Amid The Boost In Network Performance
Zilliqa is among the coins with the most dynamic price movement this year. Zilliqa opened in 2023 at $0.01585 but gradually rallied to its current price of $0.0331, a notable increase amid slight pullbacks.
Although ZIL is still 87.33% down from its all-time high price of $0.2563, recorded on May 6, 2021, it has improved considerably since 2020.
ZIL’s price is over 1,210% higher than its all-time low of $0.002477 on March 13, 2020. At press time, ZIL is trading at $0.331, a 9% price increase from the April 20 closing price of $0.03015.
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Even ZIL’s trading volume has increased by over 38% from $116.69 million on April 20 to $190.71 million today, April 21. That could be a further confirmation of increased network activity.
ZIL also recorded a nearly 11% price gain over the past seven days when coins like Bitcoin and Ethereum gave up theirs. The token now has over 12% price increase in the last two weeks.
From the technical perspective, ZIL’s market sentiment is bullish, with the oscillators and moving averages flagging a strong buy signal.
Featured image from Pixabay and chart from Tradingview