Zilliqa's 'metaverse' debut pumps ZIL price 350% in just five days — selloff ahead?
Zilliqa (ZIL) continues its supersonic bull run this week after reports that it will officially launch a so-called metaverse-as-a-service (MaaS) platform in April.
ZIL rallied nearly 25% in one day to $0.22 a token by Wednesday, its best level since May 13, 2021.
Its strong move came as a part of a rebound rally that started March 26 when it was trading for as low as $0.047. As a result, its net gains in the past six days came out to be more than 350%.
Traders started flocking to the Zilliqa market a day after it announced the launch of Metapolis, a MaaS platform built on Nvidia Omniverse, during a VIP event coming April 2 in Miami.
The metaverse concept and the companies trying to build it attracted nearly $3 billion in funding in 2021 compared to $2.33 billion in the year before that, according to data intelligence firm Dealroom.
Notably, metaverse developers have been building everything from virtual events to host fashion shows to all-and-all marketplaces that sell physical goods in the real world, as well as digital ones accompanied by nonfungible tokens (NFT). In November 2021, Facebook's parent company also changed its name to Meta Platforms Inc. to show its new focus on applications in a virtual universe.
Zilliqa shared its plans to tap the booming sector via Metapolis, revealing that it had already "amassed $2 million in pre-launch revenues from its client pipeline," including Agora, a digital art platform that would host a virtual award event on the Zilliqa metaverse.
ZIL, which serves as a utility token inside the Zilliqa ecosystem to execute smart contracts and cover transaction fees, appears to be benefiting from the metaverse hype. Nonetheless, from a technical perspective, the coin has rallied too much, too
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