Zilliqa's 'metaverse' debut pumps ZIL price 350% in just five days — Selloff ahead?
ZIL's price rally has made the coin “overbought” on multiple timeframes, raising selloff risks.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 March 30, 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 the 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.
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