ZkSync (ZK) Drops 20% Amid Binance Listing And New Token Distribution Program

ZkSync (ZK) experienced a 20% drop in value following the announcement of its new token distribution program and listing on Binance. The project initially faced backlash for its airdrop, as many users were unhappy with their token allocations. Some top-ranking projects built on zkSync also expressed frustration at not receiving any tokens despite their contributions to the network. Concerns were raised about the lack of anti-Synil filtering and reports suggested that 80 million ZK tokens went to Sybil addresses. In response to the criticism, ZkSync addressed users’ concerns and explained their decision-making process. Binance stepped in to address the ongoing concerns by announcing a new token distribution program for ZK. The token’s price initially reached $0.32 but has since dropped to the $0.24 range. Despite the drop, some users view ZK as undervalued and see it as a promising long-term investment opportunity.