Zilliqa (ZIL) Locked in Staking Hits 27.47% of Circulating Supply 13

Zilliqa (ZIL) Locked in Staking Hits 27.47% of Circulating Supply

Quick take:

  • Approximately 27.475% of Zilliqa’s circulating supply is locked in staking
  • Staking of Zilliqa currently has a 17.72% APY
  • ZIL has managed to break past the $0.030 resistance level since staking was launched in late June
  • However, Zilliqa is yet to repeat its performance as a top 50 coin on Coinmarketcap

Zilliqa (ZIL) staking has come a long way since it was launched in late June this year. According to the official Zilliqa website, 27.475% of ZIL’s circulating supply is currently locked in staking. Additionally, Zilliqa investors participating in ZIL staking are currently earning an estimated APY of 17.72%. The screenshot below, courtesy of Zilliqa provides additional stats regarding the staking of ZIL. From the screenshot, it can be observed that there are 20,320 Zilliqa delegators and 11 staked seed nodes.

Zilliqa (ZIL) Locked in Staking Hits 27.47% of Circulating Supply 14
Source, stake.zilliqa.com

Zilliqa Breaks the $0.030 Resistance Thanks to Staking

As earlier mentioned, the staking of Zilliqa was launched in late June. Prior to the availability of staking, ZIL had tested the $0.030 price level only for its value to be rejected at this resistance level. However, Zilliqa managed to break past this resistance area in late November and is currently trading at $0.034 as can be seen in the daily ZIL/USDT chart below courtesy of Tradingview.com.

Zilliqa (ZIL) Locked in Staking Hits 27.47% of Circulating Supply 15

Also from the daily ZIL/USDT chart, the following can be observed.

  • The daily MACD is pointing towards an overbought situation with a possible correction up ahead for Zilliqa
  • The daily MFI and RSI are high at 67 and 72 respectively thus hinting that the correction has already begun
  • Trade volume indicates selling after several days of being in the green
  • The $0.030 price area once again provides an area of interest as a short term support zone
  • The 50-day moving average is also another area of interest for a possible bounce by Zilliqa

Conclusion

The digital asset of Zilliqa has benefited positively as a result of the staking of ZIL. According to stats from the Zilliqa website, 27.475% of ZIL’s circulating supply is locked in staking. This high percentage locked in staking is one reason the digital asset managed to break past the $0.030 resistance area in late November.

However, the bullishness by ZIL is yet to result in Zilliqa rejoining the top 50 digital assets on Coinmarketcap.com. Zilliqa is currently ranked 52nd amidst a general bearish crypto environment that could see ZIL drop down to $0.030 from a 2-year peak value of $0.0364.