DoubleZero's token 2Z has become one of the top-performing altcoins in the past 24 hours, with an intraday increase of over 21%. This surge was accompanied by a significant increase in trading volume and open interest, while on-chain circulation continued to shrink, indicating a simultaneous rise in both short-term trading activity and holding demand.
Trading volume rose to $28 million.
Data shows that daily trading volume on 2Z has risen to over $28 million, about six times higher than the daily average of approximately $4 million. Open interest on major trading platforms has also seen double-digit growth, indicating a significant increase in market participation.
On-chain data also shows that 2Z's maximum supply has decreased from 10 billion to approximately 9.998 billion, meaning that over 200,000 tokens have been burned. At the same time, the number of holding addresses has risen to a new high of approximately 6,790. The reduced supply and increased number of holders reinforce market expectations of strong demand for the token.
Transactions between $100,000 and $1 million are increasing.
Solscan data shows that there were approximately 1,729 2Z transactions between $100,000 and $1 million, reflecting increased participation in large-scale transactions. The report also mentioned that BitTorrent transferred over $300,000 worth of 2Z to a cold wallet.
This type of transfer to cold wallets typically means that tokens are being moved out of the exchange and into a longer-term holding state. If this trend continues, the amount of tokens available for circulation on exchanges may further decrease.
The price broke through the $0.10 to $0.12 range.
From a daily chart perspective, 2Z has broken through the key range of $0.10 to $0.12. This area previously served as support, but turned into resistance after being breached in February of this year. This breakout signifies that the price has returned to above this important previous range.
The hourly chart shows that 2Z traded sideways around $0.09 for about a week before rebounding from the 0.78 Fibonacci retracement level. The text mentions that the cumulative volume difference and other momentum indicators still support a short-term bullish trend.
If the price continues to hold above $0.10, market attention will shift to the $0.15 area; if it falls below this level again, it may return to the upward channel for consolidation or turn to sideways movement.
