Should you invest in the 0x Token right Now? Here’s my price prediction.
- ZRX Token has seen a rise in value of 10% within the last 24 hours.
- Its trading volume has increased by 50% as-well.
- This might be one of the cheapest points in time to start investing in 0x
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0x ZRX/USD provides an infrastructure protocol that gives users the ability to trade ERC20 tokens alongside other assets on the Ethereum blockchain, without needing to rely on any centralized intermediaries.
Buying the 0x Token in July would be a smart idea as recent catalysts that played out over the past few weeks are supportive of its long-term potential.
0x catalysts for growth
On June 11, we saw an announcement where 0x and Polygon announced that they would fund $10.5 million in order to onboard 1 million new users.
On July 2, 0x announced support for the Kyber Network DMM liquidity on the Polygon Network. Just five days later, 0x announced that the 0x API supports ShibaSwap liquidity on the Ethereum network.
This showcases that 0x is still committed towards adding support for various new cryptocurrencies.
Through this information, we can assess that these updates will ensure a higher demand as well as heightened usability of the ZRX token. With its heightened demand, its price is bound to go up, and this can be clearly seen with its recent increase of 10%.
Should you invest in 0x (ZRX) now?
On July 7, the price of 0x (ZRX) was $0.78.
A day prior, it was at $0.69. As such, we can see an increase of around 10% in terms of value, which is quite impressive.
When we look at June as a whole to see how far the value of 0x (ZRX) can rise or fall, we can see that it went as up as $1.20 on June 3, while it dropped to $0.55 on June 22.
This gives us a clear perspective as to how high, or how low the token has the potential of shifting in the near future.
According to data from IntoTheBlock, the ZRX token saw total exchange inflows of $8.03 million within the last 7 days.
0x also saw $41.85 million transactions greater than $100K in the last 7 days.
This data clearly shows us that there is a lot of activity on the 0x network, and this is bound to go up as the team pushes its goal of getting 1 million new users onboard throughout the following months.
As such, we can realistically expect the value of 0x to get up to $1 by the end of July and potentially get to the $2 mark by the end of 2021.
This makes ZRX a worthwhile investment at its $0.78 price point.