Zilliqa (ZIL) steadily gained 30% over the past twenty-four hours, fresh off the back of news that smart contracts, and possibly Ledger hardware wallet support, were on the way.
The Ledger possibility was helped along earlier this week when a developer successfully processed the first ZIL transaction using the popular hardware wallet. The progress made in developing smart contracts on Zilliqa was laid out in this week’s update report.
Zilliqa Pump Helped Along by Progress Report
As always, be aware that there’s no knowing what’s really responsible for the pump in a coin’s price. Was Bitcoin SV’s recent +100% pump due to investor belief that Craig S. Wright is the real Satoshi Nakamoto? (A flawed premise based on a misunderstanding of the copyright process).
Or was it caused by market manipulators wishing to conceal their manipulation behind seemingly bullish news? That’s a problem that all investors contend with, and it happens everywhere. Unless you’re buying based on an early rumour or potential, the chances are that by the time a coin spikes you’re already too late to the game, and have become the financial exit plan of those early pumpers.
Back to Zilliqa, the successful transfer of funds from a Ledger Nano S to the Zilliqa testnet is a positive sign regardless of market forces. From the progress report:
“Zilliqa’s core tech team provided their inputs and support as well. Last Friday, we were able to sign a transaction from Ledger Nano S and send it to the Zilliqa testnet. The transaction was accepted by the network, thereby bringing us a step closer to Ledger support for native ZILs.”
But… Ledger Support is No Longer Rare
Rarity denotes value. When hardware wallets only supported a few coins, those coins benefitted from being in an elite class. That class being the group of coins which didn’t have to be kept on an exchange, or in an experimental wallet on Github.
Now Ledger hardware wallets can hold 1,185 different coins and tokens, and the feat of being included among that elite class is starting to lose its shine.
Regardless, ZIL holders (at most, 36,190 of them) can probably bank on being featured on Ledger in the near future.
“We are now providing final touches to the app before we submit it to Ledger Manager for review.”
Zilliqa Price – ZIL/USD
From Monday night’s low of $0.017402, the value of ZIL climbed 30% up to Tuesday night’s peak of $0.022708.
That brings ZIL back to its price mid-way through the November crash, but not completely clear of it. That would require a return to the $0.035 range. The closest it has come so far is $0.026 – recorded in early April.
Binance accounted for 45% of ZIL’s trades, or roughly $46 million according to CoinMarketCap. On OpenMarketCap daily volume is estimated at $49 million total, making ZIL the 19th most traded coin on the day.
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. Charts via CoinMarketCap.