Zugacoin, the African crypto founded by an archbishop valued at 115,000 euros Zugacoin, the African crypto founded by an archbishop valued at 115,000 euros

Zugacoin, the African crypto founded by an archbishop valued at 115,000 euros Zugacoin, the African crypto founded by an archbishop valued at 115,000 euros

Zugacoin, the African crypto founded by an archbishop valued at 115,000 euros Zugacoin, the African crypto founded by an archbishop valued at 115,000 euros

Cryptocurrency fever boomed during global lockdowns and is now gaining increasing legitimacy, thanks to announcements like the one from theater company AMC, which recently claimed that by the end of 2021 Tickets can be paid with bitcoins. Thus, new cryptocurrency projects are born every day, the vast majority of them with little relevance in the sector. However, on December 1, 2020, one was born, Zugacoin, which at first did not stand out excessively, but whose value currently triples the $44,000 in which a bitcoin is located.

In this way, the Zugacoin is the cryptocurrency with the highest unit price in the world. However, this escalation in its value has occurred in just ten days. On August 3, its value was around 50 dollars, until suddenly, and without the reasons being yet known, the price for a Zugacoin shot up to 87,000 dollars, signing the biggest rise in the history of the cryptocurrencies in one day, which stands at approximately 174 thousand percent. On August 6, just 72 hours later, it already exceeded $100,000, until it peaked this Wednesday, August 11, with almost 160,000 'green tickets' for each cryptocurrency of this type.

However, there are several unknowns about Zugacoin. It was founded by Sam Zuga, a Nigerian Archbishop, and is defined as "a unique creation that aims to rebuild Africa's dying economy, by becoming the first African currency in capital and investment funds for the African government instead of China Starting a business in Africa can be a very difficult task, especially since the prospects of getting a loan are dim, so we will provide loans to help businesses and encourage investors."

Twitter // Sam Zuga

Zugacoin, the African cryptocurrency founded by a archbishop valued at 115,000 euros Zugacoin, the African crypto founded by an archbishop valued at 115,000 euros

Thus, Archbishop Zuga was very pleased with the meteoric rise of his cryptocurrency, which he attributes to the effect of God: “We have finally reached the end of this journey of the African financial revolution. I did my job, I used my personal sweat to cook for the entire African continent. If the Africans refuse to eat, it is no longer my fault. I have fulfilled my heart's desires against all odds. This can only be God and I give him back all the glory. Nigerians and Africans should not take this digital economic record for granted, but rather take advantage of it to secure their financial future.”

See also
AMC will allow you to pay for its theater tickets with bitcoins by the end of this year

In addition, Sam Zuga also had a few words for those who did not trust him when he launched this cryptocurrency or went through low hours: “When Zugacoin was reduced to 30 dollars, people posted screenshots on the networks socials to make fun of me. Now that this cryptocurrency leads with more than $120,000 in the global market, they don't trust CoinMarket Cap again.”

A cryptocurrency concentrated in seven people

As often happens in the crypto-asset universe, it is difficult to explain what has driven its value so much, how the project is classified and how advisable it is to invest in Zugacoin. Javier Molina, eToro's cryptocurrency expert, declares to La Información: "The currency has its website, with well-known people behind the project, etc., so in that sense there is nothing suspicious. However, at the investment level It is between zero and not at all recommended, and, of course, the rise is not thank God".

The main arguments why Molina does not trust this currency are several: "It has been trading these days with a very low volume, going up with barely 200,000 dollars -while bitcoin does it with 34,800 million-, an aspect that raises many doubts about cryptocurrency. In addition, looking at the distribution, the first seven addresses that appear on the list concentrate 94% of the total cryptocurrencies."

Lastly, the expert recommends staying away from this type of 'opportunities' that can ruin the investor as a usual rule: "I don't know if it is useful now or it could be in the future, but it is the typical case in which people get carried away by price increases and then the regrets come. In short, these types of projects generate a lot of noise and I think they harm the community, because these strong increases in a very short time do not represent the crypto universe."

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