When it comes to cryptocurrency, things are looking up, as the majority of the crypto assets available on the market are showing significant gains. When it comes to mainstream cryptocurrencies, the story has been much better. Metaverse-related projects have had a difficult time getting off the ground. As a result, the market capitalization will experience a 1.44 percent decline.
Several protocols, including Zilliqa, which is well-known for its metaverse project “Metapolis,” have returned to life in recent months. Metapolis, upgrades, measurements, and future possibilities are all topics of discussion. As a result of the lackluster price activity, netizens are left scratching their heads, despite the positive aspects of the stock. Prices for ZIL are just inches away from breaking out of their seemingly endless triangle pattern.
The Pandora Box that Zilliqa has opened could result in price increases as high as 80 percent.
In the rapidly expanding world of the metaverse, components such as digital currency, social events, marketplaces, non-financial technologies, infrastructure, and social media are all represented. This is in contrast to how the metaverse seeks to bring these components together. In most cases, the functioning of the metaverses is restricted. Zilliqa’s Metapolis addresses these issues because it was designed for interoperability.
It is Metapolis and Rialto that are at the center of Zilliqa’s strategic initiatives for the first and second quarters of 2018. The Metapolis team has steadily made significant contributions to the advancement of the project on all fronts in the past many years. Users’ interface, E-commerce, Web/AR, Metapolis and Zilliqa city roadmap, integration of the NFT marketplace, and donations are only a few of the features included.
Zilliqa’s metadata standard ZRC-7, designed specifically for the NFT and creator economy, has been introduced by the team just lately. Because it is compatible with both the NFT ZRC-1 and ZRC-6 standards, ZRC-7 can be used to support any new NFT standards that may be developed in the future. In a domain where uniformity has been lacking, this improvement establishes a standard for structuring metadata on off-chain storage, which has been lacking in the NFT environment.
For those interested in specific numbers, Zilliqa’s average daily transaction count for the previous month was 55,556 Tx/day. The current month’s average is 63,293 Tx/day, which is a significant increase from the previous month. For its part, the XT.com exchange, which claims to be the world’s first socially integrated exchange, has featured the ZIL/USDT pair in its metaverse “Innovation Zone,” according to its website.
The price of Zilliqa (ZIL) may be heading in this direction.
ZIL is changing hands at $0.0555 at the time of publication, representing a decrease of 2.7 percent from the previous day. Even if the market capitalization of the digital asset is hovering around $772,349,454, the total amount of trades taking place around the clock totals approximately $86,406,295. With a bandwidth of $0.0549 to $0.0590, the price of ZIL has fluctuated between the lows and the highs.
A break above the largest triangle pattern, which has been in place since May of 2021, is becoming increasingly likely for this digital asset. If the asset manages to break through the barriers, it will be forced to sprint to the edge of the ledge. There has been a lot of discussion regarding the sluggish price expectations for ZIL, which is currently approximately 78.3 percent below its all-time high. A further negative 26.5 percent has been reflected in the year-to-date returns.
Briefly said, the company has been putting in the effort to establish itself as a possible competitor against large competitors, leveraging its Metapolis, analytics, and strategic vision. Several sections consider that a lack of exposure is one of the factors contributing to the lack of movement in the stock market.
It is also projected that one of the rationales will be a delay in the metaverse’s response time. A break above the triangle pattern might allow this to be challenged. In the long run, Zilliqa will be a serious competitor to big industry competitors.