DoubleZero Jumps 29% as Open Interest Climbs 113% — Can 2Z Outrun Its $124M Token Unlock?

DoubleZero (2Z) rallied more than 29% over the past 24 hours, leading gains among the top 200 cryptocurrencies by market capitalization. The surge came amid a broader rebound across the cryptocurrency market — and just days before a scheduled unlock that will materially expand the token's circulating supply.

How High Can 2Z Price Go?

Price charts show 2Z printing higher highs and higher lows since breaking above its trendline. The daily surge cleared liquidity clusters sitting above equal highs near $0.060, amplifying the move past $0.075.

Cumulative Volume Delta (CVD), a gauge of net buying pressure, showed 19.57 million 2Z tokens bought at the time of writing, confirming the ongoing buying activity. The Stochastic Momentum Index (SMI), a momentum oscillator, was also trading around its maximum levels — an extreme traders typically read as stretched short-term momentum, weighed alongside the prevailing trend.

If the bullish action continues, the next price targets stand at $0.095 and $0.120. For 2Z to reach those levels, however, it must stay above $0.075. Downside risk extends to $0.050, the level at which the trendline was broken.

The uptrend has been in place since September 16.

Why Is DoubleZero Surging?

The rally unfolded alongside heavy derivatives activity. Open interest (OI), the total value of outstanding derivative contracts, jumped 113% as the price climbed — a combination that generally reflects fresh capital opening positions rather than existing ones unwinding, indicating bullish positioning. Trading volume rose 107% as well, surpassing $50 million at press time.

Data from CoinGlass showed $2 million in Cumulative Long Liquidation Leverage — a measure of clustered leveraged demand on the long side — compared with $955,000 in short orders. Readings like these map where leveraged exposure is concentrated, which is why traders use them to gauge where volatility could intensify.

The move was also accompanied by capital rotation in the form of 2Z across major institutions. Custody firm Fireblocks sent 1.452 million 2Z tokens, worth $102,000, to BtcTurk's cold wallet, indicating accumulation. Exchange Binance and market maker Wintermute moved tokens between their own wallets, potentially for liquidity purposes, and Wintermute additionally transferred 1.113 million tokens to Bybit's hot wallet.

Upbit likewise shifted 2Z across its multiple hot wallets, moving a total of more than 14 million tokens worth over $800,000, likely for position management. Cold-wallet transfers are often read as tokens moving away from immediate sale, while hot-wallet flows are typically tied to liquidity management — distinctions analysts rely on when interpreting large-holder activity.

Absent a selling spree from these institutional holders, the rally could continue, but a stumbling block to the uptrend is set to emerge within a week.

Will the Unlock of 17.79% of Max Supply Cap the Uptrend?

According to the protocol's unlock schedule, about 1.77 billion 2Z, worth over $124 million, will hit the market on October 2. The release represents 17.79% of the maximum supply and will bring the circulating supply to 51%. Currently, more than 65% of the supply remains locked.

Scheduled unlocks of this kind are a standard feature of crypto token distributions, in which allocations reserved for teams, investors, and contributors become tradable on preset dates — one reason traders track unlock calendars for potential shifts in supply dynamics. The majority of the vested token allocation was reserved for Jump Crypto, Malbec Labs, and other institutions and contributors.

A release of that size represents a substantial increase in the token's tradable supply, and the selling pressure it could introduce may cap the uptrend. Traders are watching the token's performance over the coming week to anticipate the impact of the unlock, with the October 2 release, the $0.075 level, and any further large-holder transfers serving as the key markers.

The original report was published on AMBCrypto.