What to know:
- Zora’s token launch, backed by Coinbase Ventures, saw an initial price spike followed by a significant drop, reflecting a common pattern for venture-backed tokens.
- Critics highlight the lack of utility and transparency in Zora’s offering, which has led to a swift sell-off and eroded trust among traders.
- Despite the backlash, Zora’s NFT minting protocol remains popular, and the token’s low market cap could present short-term opportunities for risk-takers.
So, the ZORA token was supposed to be this big, shiny new thing — a whole celebration for content creators everywhere, with high hopes of revolutionizing the space. Cue Coinbase Ventures’ logo, and voilà, instant hype, right? WRONG. What we got instead was a classic “launch, pump, and then… drop” situation. I mean, it’s almost like clockwork. Predictable, and not in a good way.
Launched late Wednesday, the token saw a glorious spike in price, only to tumble more than 50% right after. Oh, and it was just another sad chapter in the story of venture-backed tokens — you know, the ones that make you go, “Is this really happening?”
One trader, Faycytw, summed it up perfectly in an X post: “Sold my $ZORA, thanks for playin.” And, because we all know the drill, they made sure to post a screenshot of deleting the Zora network and blocking its X profile. I mean, if that’s not a punchline, I don’t know what is.
Sold my $ZORA, thanks for playin✅
Now, here are 2 things to do
— Faycy (@Faycytw) April 23, 2025
Let’s break it down. Zora promised a shiny token that could tokenize ANYTHING. Tweets. Memes. Videos. Basically, your entire digital existence. But guess what? No utility, no governance, no roadmap—just a token that’s “for fun.” Oh, and over $1.7 million in on-chain liquidity on day one. *Claps*. But does that make it a good investment? Spoiler alert: nope.
Allocations were handed out based on your activity on Zora, and let’s just say it wasn’t exactly a smooth ride. There were rumors flying that this whole thing was backed by senior Base network team members, and… surprise, surprise, people weren’t thrilled.
Down, but out?
The price dip is just the latest chapter in the saga of tokens that get abandoned faster than a bad Tinder date. “Traders have grown weary of holding altcoins,” said Nick Ruck, who works at LVRG Research. “Market makers pump prices, and then… well, they crash.”
And let’s be real, this whole “low float, high FDV” thing is a trap that people just keep falling for. Tokens with sky-high valuations and barely any supply for trading — it’s like getting your hopes up for a first date, only to find out they’re married with kids. NOT COOL.
Another perfect example of why teams shouldn’t chase sky-high valuations pre-TGE:@zora raised at a 600M FDV.
Being under pressure (understandably), $ZORA listed at 350M – and instantly dumped -50% to 175M.
When will teams finally get it?
List low.
Create max upside.
Let the…— Simon (@sjdedic) April 23, 2025
Min Jung, a research analyst, summed it up perfectly: “The $ZORA launch is like the Web3 version of overselling a diet pill.” You know, promising you’ll lose 10 pounds in a week but then delivering nothing but disappointment. Zora marketed itself as “community-first” but forgot to include something pretty essential — actual transparency. 🙄
Meanwhile, some traders are holding onto a tiny shred of hope, pointing out that $Zora’s $50 million market cap on day one shows “progress.” Sure, because we all know how well things go when you launch a token with almost no utility, right? But hey, one year ago, a VC-backed project could have easily launched at $500 million, so *yay* for small wins.
The fact that $zora is at $50m mcap on day 1 means we’ve made good progress.
one year ago a VC funded project like that could have launched at maybe $500m, shilled by a big actor like Coinbase, when sentiment was bullish and prices going up.
— Crypto Koryo (@CryptoKoryo) April 23, 2025
But wait! Despite all the drama, Zora isn’t entirely dead. It still holds a strong presence in the NFT space. Artists and brands are still using its minting protocol, and that’s something. So, maybe — just maybe — there’s a glimmer of hope for Zora to redeem itself. But with a token that has more “no utility” than I have patience for, don’t expect the price to sparkle forever. 😬
So, in conclusion: if you’re a risk-taker looking for a quick gamble, this could be your moment. But just remember — tokens that look like shooting stars often burn out faster than your will to invest in them. Keep your eyes open, and your wallet even closer. 💸
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2025-04-24 16:51