LayerZero Whale Accumulates 24.5 Million ZRO, Drawing Market Attention; CEO Denies Insider Trading

Gate News, March 19 — Recently, LayerZero’s native token ZRO has become a focal point. A whale investor has accumulated approximately 24.5 million tokens across multiple wallets, worth about $47.5 million, accounting for roughly 2.6% of the circulating supply. The accumulation began in early March, coinciding with LayerZero’s announcement of the launch of Zero Chain, sparking market speculation about token ownership concentration and potential insider trading.

LayerZero CEO Bryan Pellegrino emphasized that the project team is unaware of the investor’s identity, and all purchases were made through the open market without any discounts or preferential arrangements. Pellegrino stated that the project encourages market participants to acquire tokens openly rather than through private allocations. LayerZero has received support from institutions such as Citadel Securities, Tether, Ark Invest, and Google. Zero Chain is expected to launch in fall 2026, aiming to support cross-chain messaging and tokenized market infrastructure.

Analysis indicates that the whale investor’s strategy remains unclear, and the market cannot determine whether the accumulation is for long-term holding, providing liquidity, or for future distribution. Although the funds are concentrated across multiple wallets, suggesting some coordination, the project team reaffirmed that token distribution is market-driven and not subject to internal manipulation.

Recently, ZRO’s price movement shows technical consolidation, currently trading around $2.11. Short-term support levels are at $2.09–$2.10, with a break below potentially reaching $2.05 or even the psychological level of $2.00. Resistance is concentrated at $2.15–$2.20; a breakout could push the price further up to $2.28–$2.30, or even test the recent high range of $2.35–$2.38. The MACD shows a bearish crossover with negative histogram bars, and the RSI is at 42.82, indicating selling pressure persists but is not yet oversold.

Overall, ZRO’s short-term price trend remains closely tied to the $2.09 support level. Holding this range may help the price consolidate, while breaking through resistance could attract buying interest back into the market, making it a key focus for traders.