With a lot of competition growing among privacy coins, attention seeking cannot be ruled out. A brief look at ZClassic price fluctuations this year alone can give you a clear picture of what is happening behind the investor backs. The coin has a very low supply and any pump tactic means scarcity and the price skyrockets. The begging question is why is ZCL price not holding?
The latest ZCL price surge has been witnessed in the last 24-hour trading session with the rather silent coin gaining a massive 70.12% to the dollar to trade at $16.00 at press time. The coin has also gained up to 63.37% to BTC and the momentum appears to be gaining at least for the last one hour.
This comes barely hours after a request by the project team for community members to submit proposals that will see a better ZClassic. On their twitter handle the request reads:
”We are requesting community input on the proposals submitting to take over ZClassic. Please see the proposals and comment on them in the reddit post below: reddit.com/r/ZClassic/com.”
This could have instilled hope back into the community given that the team behind the project has awakened from slumber to steer the coin to the next level. However, the zest at which the price ZCL price is rising, it is possible that it might come down crashing in a few days to come.
Zclassic (ZCL) Overview
After forking from ZCash (ZEC), ZClassic (ZCL) the team behind the project has been working behind the scene with periodic updates. The platform has retained much of ZEC privacy functionalities. The ecosystem still utilized the zero-knowledge-proof and the mining Equihash proof-of-stake.
The only difference between ZCash and ZClassic is that the fork does not have the founders fund option but instead uses 20% on blocks mined as incentives. These incentives will run for the first four years and will translate into 10% of the total ZCL in circulation. This makes it profitable and any participant stands to gain.
ZClassic (ZCL) Ups and Downs
After the Bitcoin ZClassic merger, there was a lot of confusion and many users anticipated a fork that would result in ZCL price appreciation and stocked up their ZCL portfolios. Instead, Bitcoin forked into Bitcoin Private and the ZCL price plummeted from over $200 to $8 and that is when its price woes started.
The current ZCL price surge is not nothing new; in mid-April, the coin surged by over 95% in a span of 24 hours before disappearing into thin air. My supporters though that the price spike would be sustainable only for it coin to shed the gins in less than a month. The entry of Bitcoin Private entry into the market took the limelight off ZClassic and things have not been working well for the privacy coin.
ZClassic (ZCL) Pump and Dump Tactics
The crypto verse is very sensitive to media hype and it appears ZClassic is using it as a tool of pumping and dumping. There has been a rumor that the platform is set for a fork and once its spreads, the coin price appreciates and plummets soon after. The controversies around the coin make it the most unpredictable coin in the market today.
In the event there is a fork, holders are set to get awarded with ZCL coins. However, there are fears from the developer team that facilitating a fork would make the current technology obsolete. As much as the free coin option might not hold, chances are most exchanges might not support the venture again. The fork rumor has prompted the ZClassic team to post a tween on the official handle that:
”As said in March, all work has stopped on #Zclassic. Nothing about this has changed. Any proposed fork you may hear about does not have widespread consensus. Please use caution before participating in any fork that is promising guaranteed returns or may sound too good to be true.”