ZORA’s price has skyrocketed by 77% in a single day, reaching its highest level in six weeks after debuting on Robinhood. The surge was accompanied by a trading volume exceeding $500 million, signaling renewed investor interest and strong market momentum.
Amid this, optimism is mounting that ZORA could be on track to retest its all-time high, as buyers pile in and bullish sentiment intensifies across the market.
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Why is ZORA Token’s Price Rising Today?
Since launching in April, ZORA has seen massive rallies and sharp pullbacks. Its previous surge in August pushed the altcoin to an all-time high $0.14.
However, the price faced a continued downtrend after this until yesterday. On October 9, Robinhood announced that it had added trading support for ZORA.
Following the news, ZORA surged nearly 59% from $0.056 to $0.089. The momentum has carried into today as the coin reached $0.093, its highest price since late August.
BeInCrypto Markets data showed that its value has appreciated by over 77% in the past 24 hours, adjusting to a press time value of $0.092.
During the same period, trading volumes jumped by over 800%, exceeding $500 million as excitement fueled strong trading across major exchanges like Bybit, Coinbase, and Gate.
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Sentiment on CoinGecko remains bullish, with 84% of the community optimistic. Still, ZORA’s current price remains about 37% below its all-time high. Some market analysts predict that the altcoin could close this gap soon.
ZORA’s On-Chain Data Tells a Bullish Story
Notably, on-chain data support the growing optimism. According to Nansen, over the past 30 days, ZORA’s exchange reserves have declined by more than 30%, from nearly 7 billion tokens to 4.8 billion. This is likely an indicator of renewed accumulation as investors move tokens off exchanges and into long-term holdings.
In addition, the Zora ecosystem continues to see rapid token creation. According to Dune Analytics data, around 30,000 tokens have been created daily on the platform since September.
While far from record highs, daily trade counts are also rising, suggesting a gradual recovery in on-chain engagement.
For now, ZORA’s momentum and price surge have drawn significant trader attention. Whether this rally can sustain—or if the altcoin will enter another correction—remains to be seen.
