Zignaly price continued its strong trend this week as the market reacted to the ongoing token burn and its decentralization efforts.
The ZIG token traded at $0.1313 on Tuesday, its highest level seen since January 2022. It has risen by over 2,500% from its lowest point in 2023, pushing its market cap to over $132 million.
Zignaly price chart
ZIG token burn and more decentralization
Zignaly is a leading platform that uses artificial intelligence (AI) to help ordinary people make money in the crypto industry. It does that by recommending top traders who have a solid track record of generating alpha.
After selecting these traders, ordinary people can follow them and copy their trades. According to Zignaly’s website, it serves over 430,000 customers from around the world. Over the years, the volume of crypto invested in the platform has reached over $120 million.
Zignaly token price has done well this year because most traders see it as one of the top artificial intelligence tokens in the industry. In the past 18 months, AI has become the most popular technologies in the market as evidenced by Nvidia’s growth.
ZIG’s price continued rising ahead of the upcoming vote which will change how the network works and lead to more decentralization. . As part of the vote, the founders will establish the ZIGChain Foundation, donate 100 million ZIG tokens to the foundation, and award 125 million ZIG to holders. The vote will happen on July 5th.
— Zignaly (@zignaly) June 27, 2024⚡Today we’re redefining $ZIG! Following a community-driven plan to strengthen $ZIG’s status as the native token of #ZIGChain and building a truly decentralized & self-sustaining ecosystem, the Founders propose:
1️⃣ Establishing the ZIGChain Foundation
2️⃣ Donating 100,000,000… pic.twitter.com/H5MgT5hEj2
Zignaly token burn continues
The Zignaly token price also jumped after the network continued burning tokens in a bid to reduce those in circulation. Recently, the developers implemented the 30th buyback and burn program worth $143,800. It was the biggest burn to date, bringing the total ZIG burnt to over 31.6 million.
(1/3) 🔥 ~$144K in $ZIG BOUGHTBACK & BURNT – THE BIGGEST BURN TO DATE backed by powerful B2B business growth! 1,087,500 ZIG burned in our 30th burn, taking the total to ~$203K for June'24 alone. pic.twitter.com/dcq11sosVG
— Zignaly (@zignaly) July 1, 2024
A token burn is a process where coins are intentionally placed in an unusable wallet address to remove it from circulation. It is a good way of creating value for a cryptocurrency by making its tokens scarce.
ZIG’s rally has happened in a high-volume environment. In the past three days, the daily volume has been over $10 million. In the past, the token’s daily volume was less than $3 million.
It has also happened at a time when Bitcoin has remained above $60,000, with analysts expecting that the trend will continue.
More Zignaly gains will see it retest its all-time high of $0.1400, 16% above where it was trading on Tuesday.