Zilliqa, NEAR Protocol Suffer Double-Digit Losses as Crypto Market Dips

The price of Zilliqa (ZIL), the token underpinning the eponymous blockchain aiming to rival traditional centralized payment methods such as Visa and MasterCard, is down 14% on Monday, declining to its monthly low of $0.097 by press time, according to data from CoinMarketCap.

ZIL was trading at as much as $0.22 at the beginning of April, with the token rallying on the back of the launch of Metapolis, a Zilliqa-powered metaverse project. This price now appears overbought and has effectively wiped out all of its recent gains since then as it more than halved to $0.10.

Last week, joining the Blockchain Gaming Alliance (BGA) boosted the token price to almost $0.14, but the effect was short-lived. With a market cap of about $1.2 billion, ZIL has now slipped to the 70th spot as the most valuable cryptocurrency.

The Near token, which powers the NEAR protocol, is likewise trading at an almost one-month low, dropping more than 10% of its value in the past 24 hours.

At the time of writing, Near was trading at $13.70 per CoinMarketCap. This is quite a significant drop from the $19.64 mark recorded a little more than two weeks ago following a massive $350 million fundraise backed by some notable VC investors, including Tiger Global, Republic Capital, and FTX Ventures.

NEAR’s previous raises included a $21.6 million round in May 2020 and another $150 million in January 2022.

Around the crypto market

Elsewhere, the price of Harmony (ONE) is down 10.4% in the past 24 hours, Cosmos (ATOM) slipped 9.3%, and Polkadot (DOT) is down 9.2% over the same period.

The rest of the crypto market is mainly in red on Monday.

Bitcoin (BTC) is down 3.15% over the day as it slipped below the $38,356 mark last seen in mid-March; Ethereum (ETH), the world’s second-largest cryptocurrency, is down nearly 5% and is currently at a six-week low of $2,800.