Altcoins are not performing so well at the moment, and investors are feeling the heat. In most projects, investors are getting frustrated with the lack of any significant bullish price action. This is quite understandable given that Bitcoin is already up by over 100% with little action in the altcoins market. One altcoin where the community is feeling the frustration is Zilliqa.
Yesterday, the community was engaging the Zilliqa team on how best to help improve its price. One line of thought that seems to prevail is the need to focus on more marketing and partnerships, as opposed to just pushing the technical aspects of this project. To this, a member of the Zilliqa core team replied that they are working on some projects, but it is not easy, and the community needs to be patient. One project that they are currently working on is a stable coin. Here is what the Zilliqa core member had to say about it:
“We are working on a stablecoin project. More details to be released when deal is done and an announcement will be due then. I feel that the community has to understand deals are not instantaneous, it takes a long time to get to a point of agreement. And even with a MoU signed, it still take months to lay out the details of that deal before a product launch.”
Clearly, the Zilliqa team is trying hard in raising the value of Zilliqa (ZIL). In fact, being holders of Zilliqa themselves, chances are that they also want it to rise in value. However, like the Zilliqa core member stated, it is not an instant. In fact, most altcoins, not just Zilliqa, are a long way off from mass adoption and exponential value growth.
Even Bitcoin (BTC) is yet to go truly mainstream. The only reason why it feels like things are not moving is due to the parabolic rise in crypto prices in 2017. Unfortunately, that rally happened at a time when most cryptos were not technically ready.
Now that the market is more aware that not every altcoin out there has a future, many are holding off from them, hence the slow resurgence in value. The average crypto investor is now more aware of the market as compared to 2017.
On this basis, the Zilliqa team is actually doing the right thing, by trying to get the platform working the way it is supposed to. Trying to pump the price prematurely through marketing will only give a short-term rally followed by a huge dump as has happened with most altcoins in the recent past.
There are altcoins that have pumped by over 100% only to drop hard, and even fall out of the top 100. In essence, for long-term sustainability, it is best to focus on the fundamentals. The price may not that exciting, but once things start moving, it will quick and unexpected. Just like no one had predicted the parabolic rise in prices in 2017. Patience, and a long-term approach to the market is key.