zkSync Token Surges Amid Domain Suspension Drama, ZK Will Soaring to $2 by Year-End

• zkSync’s domain misuse report leads to permanent suspension, spurring significant investor interest.
• Buenos Aires adopts zkSync’s QuarkID to enhance citizen security and privacy using blockchain.

This weekend, zkSync piqued the interest of investors, rocketing into the top five gainers on CoinMarketCap in the last 24 hours.

As of the time of writing, the price of zkSync’s token, ZK, had risen by 8.67% over the last 24 hours, reaching $0.1951. This amazing surge includes a 23.82% increase in the last seven days, with a daily trading volume of $171.98 million.

zkSync Team Reports Domain Misuse Leading to Permanent Suspension

Interestingly, this increase corresponds with the zkSync team’s revelation that they had reported misuse of their domain, resulting in its permanent suspension. They previously stated that the domain provider had suspended their domain. The team is presently researching the problem and hopes to remedy it soon.

zkSync strikes again!@zkSync has done abuse report for our domain due to which our domain is permanently suspended. This is not acceptable.

We have been building on this chain since its inception and this is how zkSync team members treats OG protocols. pic.twitter.com/w0VuTQNSd9

— zkSync id | .zksync and .era (@getzksyncid) July 19, 2024

From a technical standpoint, the price of ZK is prepared to break out and explode over its resistance levels, as shown in the chart given by cryptocurrency expert FastBird.

Source: FastBird on X

He also stated that zkSync investors and the team are committed for the next year, with the goal of holding onto the token just before it unlocks or until it achieves a 10x return.

FastBird also projected that the price of ZK would skyrocket to $2 by the end of the year, saying that the upcoming trading of Ethereum ETFs in two days might boost Ethereum-related assets, including ZK, which acts as an Ethereum layer 2 scaling solution.

Previously, we highlighted that zkSync’s Elastic Chain provides limitless scalability and flawless interoperability within blockchain technology.

This development has also fueled the positive sentiment surrounding ZK. We have also highlighted Buenos Aires plan to reinvent citizen identification using a blockchain-based system. The city intends to use zkSync through QuarkID to improve security and privacy.

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