ZKC Token Jumps 63% — What’s Fueling the Rally?

Key Notes

• ZKC jumps 66% as Upbit lifts its investment warning.
• 24-hour trading volume surges over 1,300% amid renewed investor confidence.
• Boundless team clarifies tokenomics after DAXA’s transparency concerns.

While most of the top cryptocurrencies like Bitcoin

BTC $104 720

24h volatility: 6.0%

Market cap: $2.09 T

Vol. 24h: $101.06 B

and Ethereum

ETH $3 724

24h volatility: 7.9%

Market cap: $450.30 B

Vol. 24h: $55.38 B

bled red on October 17, Boundless (ZKC) enjoyed a major rally. The token soared 66% in just 24 hours, currently trading around $0.3039 with a $61 million market cap.

The sudden recovery followed South Korea’s largest exchange, Upbit, lifting its “investment warning” on the token.

Related article: Gold Knocks Bitcoin by Becoming $30 Trillion Asset, Is “Uptober’” Rally Over?The move appears to have reignited market enthusiasm, leading to a 1,300% surge in ZKC’s 24-hour trading volume.

DAXA Warning Lifted After Two Weeks of Uncertainty

Earlier this month, the Digital Asset Exchange Association (DAXA) flagged ZKC as an investment warning. The decision prompted Upbit to halt token deposits and initiate an internal review.

Concerns primarily centered on the project’s tokenomics transparency, including discrepancies in the reported token supply and information disclosure. The warning triggered a sell-off that saw ZKC’s price plummet to $0.13, wiping out nearly $150 million in market capitalization.

Boundless Foundation’s Clarification

The Boundless Foundation addressed the controversy, stating that all tokenomic adjustments were finalized before the Token Generation Event (TGE). The foundation noted that the updates were aimed at creating a more community-driven ecosystem.

These included increasing the community allocation from 1.5% to 6.85%, expanding the airdrop share from 4.5% to 6.63%, and reducing the ecosystem fund from 31% to 23.52%.

The strategic fund’s unlock period was also extended from one to three years to display long-term commitment.

After reviewing clarifications from the Boundless Foundation, DAXA has now lifted the red flag. This has cleared the way for ZKC trading and deposits to resume on Upbit.

DAXA is a consortium of South Korea’s top exchanges including Upbit, Bithumb, Coinone, and Gopax. It acts as a self-regulatory body that oversees potential risks in the crypto market.

ZKC Investor Confidence Returns

With regulatory clarity restored, ZKC has quickly regained investor attention. The project, backed by top-tier investors such as Figment Capital, Bain Capital, Delphi Ventures, and Galaxy, is now seeing strong dip-buying momentum after last week’s crash.

Market analysts believe ZKC’s recovery could extend further. Many are predicting that it could be the next big crypto and potentially hit $1 soon, especially if altcoins start a fresh rally.

The cryptocurrency previously hit its peak of $2.13 during the Boundless mainnet launch and token airdrop on September 15.

nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.