The Taiko price has surged 16.8% in the last 24 hours to trade at $2.98 on a 497% surging trading volume to $604 million.
This surge comes as Taiko, a Layer 2 scaling network, begins the first phase of its token airdrop distribution plans. The cryptocurrency launched with a fully diluted valuation (FDV) of $2.9 billion and a market capitalization of $110 million. Its valuation ranks it as the 15th largest Layer 2 network by market cap and the 7th largest by FDV.
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Taiko Price Surges On Airdop Launch
The first phase of the TAIKO token airdrop is currently available for claiming. Eligible users can now claim approximately 5% of the initial TAIKO supply, which amounts to around 50 million tokens.
Phase 1 of the TAIKO token airdrop is now open to claiming! 🥳
In total, 5% of the initial TAIKO supply, or around 50 million tokens, can now be claimed by eligible users.
Claim here: https://t.co/rI3yTSxvxf.
Claim window: June 5, 2024 to July 5, 2024.
— Taiko 🥁 (@taikoxyz) June 5, 2024
Before users can claim tokens, they must bridge ETH to Taiko to cover gas fees. Those eligible for the Taiko airdrop are proposers, provers, bridgers, developers, GitHub contributors, and members of the Loopring community. The team announced that the claim window will close on July 5.
Taiko works like a rollup, moving transactions and computations from the Ethereum mainnet to make things faster and cheaper. It uses “zero-knowledge” tech to verify Layer 2 transactions on the mainnet, so there’s no need for extra setup or tools to connect with Ethereum.
Taiko is fully open-source and permissionless, just like Ethereum’s ZK-Rollup. Its goal is to mimic the Ethereum experience but without relying on central authorities, instead trusting the community to run things.
Taiko is now permissionless (and based)! 🍃
Starting today, anyone in the world can set up a Taiko proposer and prover to help run the network using the newly-launched TAIKO token.
— Taiko 🥁 (@taikoxyz) June 6, 2024
The team mentioned that with permissionless sequencing, anyone can sequence Taiko blocks in a decentralized manner. This differs from other Ethereum rollups, which currently depend on centralized sequencers to organize their blocks.
Taiko Price Bulls Drive The Momentum in an Ascending Channel
The anchor support on the $2.05 support zone has helped the bulls propel the price to the $3.02 resistance level within a rising channel.
TAIKOUSDT Source: Tradingview
The bulls are gearing up to boost the price, aiming to exceed the $3.02 level and keep the bullish momentum. At present, the bulls seem poised to utilize the $2.77 support, which aligns with the channel’s lower boundary, to trigger a turnaround and drive the price upwards.
The price is trading slightly below the 50-day simple moving average (SMA), which suggests there is still room for an upward move with solid support at $2.77. This reinforces the overall bullish market sentiment.
The MACD blue average line is above the orange signal line, however below the neutral level, indicating the potential for an upward move.
The Relative Strength Index (RSI) also indicates a drop from the 70 overbought level. However, there are signals of a rebound from 35, which could initiate a climb to the midline level of 50.
Final Thought
Taiko’s bullish investors are prepared to drive its price upward. If this upward momentum persists, Taiko might soon reach its previous all-time high. This steady climb hints at a potential new all-time high of $4.5 in the coming days, signalling a notable rebound in its price.
On the flip side, if the bears continue to push the price down, it could break below the upward channel, giving the bears the upper hand to drive the price lower. This could compel the bullish investors to retreat, relying on the $2.5 support zone.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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