Lately, Zilliqa (ZIL) has been on receiving end since mid-May shedding by over 66% to the Bitcoin pair. However, this should not be the basis of trashing the steadily holding token; it has all the potential to breakout and become the next Ethereum. Already, the platform is haunting the Ethereum ecosystem with several App developers opting for Zilliqa from Ethereum.
Despite the market turmoil, ZIL is fast approaching headed to the key support zone and this could be the breakout turning point. With major coins showing signs of bull runs, the ripple effect is spreading across other real world use coins like ZIL. With a good Bitcoin run north, this is a good pace for the rest of the market. However, there are clear indications that Zilliqa is cannibalizing the shaky Ethereum market share.
Zilliqa (ZIL) Performance Up-to-Date
Zilliqa is a new entrant in the market and its popularity and global reach have added a lot of value to the coin and is now ranked 24th by market cap. The current price of $0.065304 is just a placeholder and given the state of the market, the coins’ potential still remains unexploited. It has been able to withstand the market forces including Bitcoin influence.
The ZIL development team has been busy working on the ecosystem Test and MainNet. The second Test net version is already live and the Scillia and sharding technology seems to be working to Zilliqa favor. This is a key development that has seen the Etheremon gaming outfit shift base from the Ethereum ecosystem.
The release of the anticipated Mainnet release means ZIL will be able to comfortably compete with Ethereum and other Dapp building friendly platform in the market. With a working Testnet, ZIL is ready to the HODL investor eye in already set on the Token before it even evolves to an independent coin. The impressive track record since the beginning of the year is a true reflection on how it is ripe to turn around the Dapp development arena to what it should be in the coming days.
Zilliqa (ZIL) Hitting Hard on Ethereum
With blockchain evolving every other day, the user is looking at the end result and not the process. One thing that has come out clearly over the years is the consumer consciousness on the individual platform speed and cost of transaction and here is where Zilliqa beats Ethereum hands down. Ethereum speeds have made transactions expensive and that is how Zilliqa is becoming the preferred Dapp building haven.
The Crypto Kitties-Ethereum collaboration exposed the ecosystems weaknesses and this is the reason why Etheremon is headed to Zilliqa to form a cross-breed of blockchain and virtual reality and offer a fast and cheaper platform for “mons” and interact with other Etheremon gamers seamlessly and fast. All the gamer wants is an interface that gives them the best user experience at near zero fees. And the ZIL team has said:
“Gaming is viewed as one of the big potential application for blockchain because it gives game developers the ability to directly incentivize gamers with rewards and also offers true ownership of in-game assets, even if the game were to be discontinued. We feel the games are a good fit for the Zilliqa platform because of our high throughput and low transaction costs.”
The last 24-hour trading session has seen the ZIL token change hands at $0.065304 after marginally gaining 0.45% to the dollar and0 0.41 to Bitcoin amid a market where most tokens are trading in the red. A total of $11.5million worth of the ZIL token have been traded during the same period with ZIL/KRW and ZIL/USDT being the most popular pairs from BitHumb and BitForex respectively.