Zilliqa (ZIL) is set up to be the next 10x coin, says analyst Tom Busby
Top analyst Tom Busby from Crypto Busy shares with his subscribers the latest updates of Zilliqa (ZIL) and predicts that ZIL is on its road to reach $1.
Zilliqa (ZIL) overview
Zilliqa is a public, permissionless blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second.
It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralized applications, and as of October 2020, it also allows for staking and yield farming.
According to the trader, Zilliqa claims to be the world’s first public blockchain to rely entirely on a sharded network.
“This allows it to achieve high throughput and a high rate of transactions per second, which it says solves the scalability issue. Because each shard processes transactions individually, as the network grows and the number of shards increases, the number of transactions that can be processed per second also increases.”
Busby adds that Zilliqa is getting involved in a lot of things across the world and also importantly throughout this whole bull cycle: “I do think we’re going to be heating up throughout the month of September and also going through the end of this year. Q4/2021 is heating up very much,”
According to the trader, Zilliqa’s network has been booming with development activities. The monthly newsletter for the month of August revealed major upgrades that were initiated and some planned.
In particular, the network has planned a bridge between Zilliqa and Ethereum. The bridge will connect both the networks – increasing interoperability. Zilliqa users will be able to benefit from the DeFi opportunities offered by Ethereum’s network. The bridge was initially delayed because of Ethereum’s London hard fork. Per the team, the bridge is ready and will be launched soon.
Zilliqa price analysis
Zilliqa had been operating below $0.01 before the bullish momentum overtook the market during December last year. The cryptocurrency skyrocketed upwards during the bull run of 2021.
At the time of the video, the ZIL coin stands at a price level of $0.12. The price has grown by more than 5% in the daily timeframe while the weekly performance has increased by 17%.
The network has been performing particularly well during the past month. The trader believes that ZIL can reach $1 by the end of this year. Yet, there are some key levels that ZIL needs to get through:
“We’re going into the land of speculation here. First of all, we need to break that all-time high of around 25 cents. I think it is very easy to go from 25 to 30. And then from there, we can reach 50 cents in a week. If you look at its market cap, it’s 1.4 billion dollars. And you compare that to most of the top 10, even the top 20, you know we could see a 10x from here and that would be again 1 dollar. It is not out of the blue, it is not the sort of outrageous. It can happen. It has room for growth and it’s severely undervalued because of what it’s getting into the ZIL swap, the staking, the NFT, and also XCAD.”