LayerZero CEO Says He Has No Link to Whale That Bought 2.6% of ZRO Supply
A mystery buyer has been quietly building a large position in LayerZero's ZRO token.
Blockchain data cited by crypto analytics firm Nansen shows the accumulation spread across nine wallets, all funded from a single source: Coinbase Prime. The position is now worth about $47.5 million, or roughly 24.5 million ZRO—around 2.6% of circulating supply.
Nansen noted the buying began in early March, starting discreetly on Coinbase, and kicked off exactly three weeks after LayerZero's Zero chain announcement. The timing sparked speculation in some corners of the market that the purchaser might be connected to the project.
LayerZero CEO Bryan Pellegrino rejected that idea, saying he does not know who the buyer is. He added that the team has told funds and institutions it prefers they buy ZRO in the open market rather than through purchases from the labs or foundation, stressing there are no special deals or discounts.
LayerZero's Zero chain is scheduled to launch in fall 2026. The project has drawn notable backers including Citadel Securities, Tether, Ark Invest, and Google, prompting some to view the whale's accumulation as potential positioning ahead of institutional activity in tokenized markets. It remains unclear whether the buyer intends to sell when the chain goes live.
On price action, ZRO has rebounded about 60% from its range low of $1.49, recently reaching $2.5—a level that has acted as key resistance since the second half of 2025. TradingView data shows January and February recovery attempts were rejected at that zone. If the pattern repeats, some traders may look for another entry near $1.5. A clean break that turns $2.5 into support could open the way toward $3.3.
On-chain data adds a note of caution: Glassnode estimates more than 34 million ZRO was accumulated around the $2.5 resistance area. That supply could encourage breakeven holders to sell, increasing overhead pressure and reinforcing $2.5 as a major barrier.
For now, holder behavior does not yet show clear distribution. Glassnode's 14-day average Holder Net Position Change remains positive, indicating investors are still holding or adding. A turn into negative territory would signal offloading and could further entrench $2.5 as the key hurdle for bulls.
Bottom line: A single whale has amassed 2.6% of ZRO's circulating supply, and LayerZero says the buyer is not affiliated with the team. With $2.5 acting as a long-standing ceiling since 2025, the token's recovery may stall without a near-term catalyst.
