Connect with us

Cryptocurrency

Zugacoin that Plunges Over 99 Percent in 6 Days Partners Innoson, Buy Innoson Products With Zugacoin

Published

on

Despite the Central Bank of Nigeria’s decision to halt banks’ involvement in cryptocurrency trading and ease potential pitfall similar to the popular unregulated scheme, MMM, Nigeria’s leading indigenous car manufacturer, Innoson, has partnered with Zugacoin founded by Archbishop SamZuga.

According to a Vanguard report, buyers can now comfortably purchase Innoson products from vehicles, motorcycles to plastics with Samzugar’s Zugacoin.

The partnership was signed at the company’s factory in Nnewi, Anambra State.

Zugacoin was founded in 2020 but was unveiled on December 1st, 2020. On March 3, 2021 Zugacoin made its first conversion into fiat currency.

Let it be on record all over the world that ZUGACOIN was first Cashed out/ withdrawn/ changed into Fiat currency on 3rd March 2021 by 13 minutes after 11 Antemeridiam (a.m) Nigerian time against all odds. When God says YES nobody can say no. With God all things are possible. All things are possible to him that believes,” the philanthropic Cleric also known as Jehovah’s Field Marshall announced.

However, a quick analysis of Zugacoin revealed scary details. Ranked at #2863 on CoinMarketCap, a global leading crypto platform, the coin was valued at $45,653 per coin on Monday, December 14th, 2020 before rising as high as $51,894 per coin on Thursday 17th, December 2020.

It then dropped by over 40 percent to $29,621 per coin on Saturday, January 2nd, 2021 before rebounding to $53,220 on Sunday, January 10th, 2021.

Zugacoin then plunged from that record high to $1,875 on Thursday, January 14th, 2021 within four days.

This decline continues as the new cryptocurrency further plunged to $63.35 per coin before gaining 16 percent in the last 24 hours to $72 per coin as shown in the chart above. Thanks to the partnership news.

Key details like volume/market cap, market dominance and circulating supply were missing. However, the company plans to supply just 1,000,000 SZC coins.

Zugacoin team, another key factor in assessing cryptocurrency viability, has only one tech developer by the name, Trinity Tom. While the rest are largely business developers and marketers with zero tech background.

Similarly, looking at the company’s Whitepaper, Zugacoin is not addressing any new challenges or providing new solutions that banks and other fintech companies operating across Africa have not addressed. This might be the main reason why the coin plunged that fast.

Zugacoin is a unique brainchild that aims to rebuild Africa’s dying economy by becoming Africa’s first coin for equity and investment funding for Africa’s government instead of China. Starting a business in Africa can often be a gargantuan task, especially since the prospects of obtaining a loan are few and far between, we will give out loans to aid businesses and encourage investors,” Zugacoin stated in the Whitepaper.

The Zugacoin ecosystem provides the tools, resources, and ease-of-use necessary for running a successful business. The Zugacoin project will represent a unique access point for rising entrepreneurs in Africa, we will share transaction fees with vendors and merchants, while also integrating our coin to ATM and POS machines across the continent.

According to Adimuchinobi Chukwuma, a serial entrepreneur who commented on the new cryptocurrency, “there’s a lot of questions the white paper didn’t answer. The Zugacoin doesn’t have a strong utility use cases, the team is not obvious except that it has a name of Bishop on it, other than that lot wasn’t addressed.”

“Also, they didn’t mention anything about if the architecture will be decentralized or centralized, no reference to where we can access the code to a certain the quality of the code. All these matters when it comes to Cryptocurrency. Apparently, the white paper seemingly I will call it “clever paper” that sounds more like someone trying to create another Ethereum or Cardon Network.”

Also, the coin is presently listed only on IndoEx, an Estonia decentralized exchange platform. Meaning, it presently does not meet the requirements of Binance, Coinbase and other top exchange platforms that require broad scrutiny and documentation.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Cryptocurrency

Cryptocurrency Crash: It’s Not All Doom and Gloom

Research into cryptocurrency capital inflows has shown that about $140 billion is sitting in four of the leading stablecoins.

Published

on

Dollar Cryptocurrency - Investors King

Despite the cryptocurrency crash and rising global uncertainty, research into cryptocurrency capital inflows has shown that about $140 billion is sitting in four of the leading stablecoins as institutional investors that have been backing the cryptocurrency space in recent months assess happenings.

Capital inflow into dollar-pegged Tether’s USDT, Circle’s USDC, Binance’s BUSD, and MarkerDAO’s DAI has risen from $7 billion in the last 2 years to $147 billion in 2022, suggesting that cryptocurrency investors are not withdrawing their funds or converting to U.S. Dollar but sitting on the sideline for possible re-entry.

“The amount of money sitting on the digital sideline has never been greater and points to an abundance of patient investors ready to pounce on discounted digital assets,” Stated Digital Asset Investment Management (DAIM) analysts. “That means the ecosystem has an additional $140 billion ready to be deployed into bitcoin and altcoins.”

According to Louis Schoeman, managing director at broker comparison site Forex Suggest, we are currently experiencing the biggest crypto crash in history, with the crypto Fear and Greed index having slipped into “extreme fear” category.

However, it’s not all doom and gloom. Coins such as Bitcoin, Ethereum and Solana gained in their prices in the last 24 hours. Equity markets, too, recorded some gains including Nasdaq, the S&P 500 and Dow Jones Industrial Average.

“It’s worth noting that various coins including Bitcoin were heavily inflated in a bubble over the last 2 years, so a crash of this enormity was bound to happen. With investors dumping assets in response to high inflation and the semi-collapse of the Celsius network driving the downward spiral, I think only the best fundamentally strong crypto projects will survive this bear market, as is proving to be.

This is a cleansing process of note as we believe between 80% – 90% of the crypto projects will not survive this period especially if Bitcoin falls below $20,000 again.

But, it also serves as a massive opportunity for many no-coiners to enter the crypto market for the 1st time ever.

Fortune favours the brave in crypto right now.”

Continue Reading

Cryptocurrency

Binance, the World’s Largest Cryptocurrency Exchange, is 5 Years Old Today

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, is celebrating its 5th anniversary by eliminating trading fees on a wide range of bitcoin spot trading pairs.

Published

on

Binance - Investors King

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, is celebrating its 5th anniversary by eliminating trading fees on a wide range of bitcoin spot trading pairs. While Binance has long maintained one of the lowest spot trading fees in the industry, it is establishing itself as the global leader in pricing with this latest move.

From July 8, users will be able to enjoy fee-free trading on thirteen stablecoin and fiat combinations including BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR, BTC/TRY, and more. The new trading fees will be in effect until further notice, allowing Binance users globally to enjoy the fee-free feeling beyond the two weeks of anniversary celebrations.

Binance Founder and CEO “CZ” (Changpeng Zhao) said: “In line with our user-first philosophy, Binance has always strived to provide the most competitive fees in the industry. At its core, Binance is an inclusive platform with accessibility in mind. Eliminating the trading fees on selected BTC spot trading pairs is another move towards that direction.”

“Within the span of five years, Binance has amassed an amazing community that believes in us and supports our vision. Our growth and achievements would not have been possible without them. We hope to give back to the community by providing them with the world’s best products and services,” added CZ.

Binance launched in July 2017 as a crypto-to-crypto exchange and within six months, became the world’s largest crypto exchange. Today, Binance is a global blockchain ecosystem spanning across trading services, infrastructure solutions, educational resources, research, social good and charitable programs, investment and incubation initiatives, and more. By providing access to broad financial tools while maintaining one of the lowest fees in the business, Binance is making crypto accessible to everyone in Africa and beyond.

Continue Reading

Bitcoin

Bitcoin, Other Cryptocurrencies Rebound on Thursday

Bitcoin, the world’s most dominant cryptocurrency, appreciated by 4.53% in the last 24 hours to take its gains to 12.64% in the last 7 days.

Published

on

bitcoin 2- Investorsking

The cryptocurrency space came alive in the last 24 hours to extend its gains for the week despite growing global uncertainties amid recession fears.

Bitcoin, the world’s most dominant cryptocurrency, appreciated by 4.53% in the last 24 hours to take its gains to 12.64% in the last 7 days.

In the last 7 days, Eth, the token of the Ethereum protocol, has gained 21.36% from about $1000 a coin it traded a week ago to $1,235.67 on Thursday.

Similarly, BNB extended its gains to $242.45, an increase of 1.40% in 24 hours and 14.33% in the last 7 days to underscore a possible shift in the financial markets towards cryptocurrency, especially with global assets, both traditional haven assets like gold and even risk assets like stocks, commodities, etc, trading at a record-low.

Bitcoin and other cryptocurrencies crashed after Luna stablecoin plunged from over $40 billion market value or $90 a coin to about $800,000 in market value or $0.00004 a coin. The huge decline and the speed in which it happens, three days, sent a shocking wave to the investment world and alerted people to the danger of investing in an unproven and regulated space like cryptocurrency.

However, seasoned traders have said it is not unique and newbies would have to learn that in cryptocurrency investing, there are bearish and bullish seasons. This, they attributed to the Bitcoin Halving, a process in which Bitcoin reward for miners is halved after every 210,000 blocks or four years.

Still, experts like Changpeng Zhao, the Chief Executive Officer of Binance and the richest cryptocurrency investor alive, had called on people to only invest in cryptocurrency projects with real-world use cases.

Popularly known as CZ and estimated by Bloomberg to have a net worth of $96 billion, had repeatedly said the cryptocurrency space is here to stay and encourages inventors and innovators to focus on solving real-life problems.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending