Nigerian cryptocurrency – Zugacoin – is the latest cryptocurrency to come under heavy criticism from observers of the coin. Crypto experts have warned investors to be wary about investing their hard-earned funds into the Zugacoin project.
One of these hardline critics is Ophi Rume, a cryptocurrency and blockchain enthusiast who thinks that investors should stay as far away from the project as possible. Rume believes that the project has sufficient PR to make unsuspecting observers to decide to invest massively into it and try to use the cryptocurrency as a way to save their meagre earnings.
Another critic – Paul Ezeafulukwe – who is the former president of Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) and the team lead at Bitget Africa believes that the currency is too volatile to be taken seriously. He also maintained that Zugacoin has totally failed to deliver on the promises made by its developers when it was launched.
Some of the promises include claims that the cryptocurrency will aid in the alleviation of poverty in Nigeria as well as helping the African nation to reduce its debt. Paul has stated that Zugacoin has made no efforts in the fight against poverty in Nigeria and that the cryptocurrency has not contributed to reducing Nigeria’s debt which is at its highest ever level since the country was granted independence in 1960.
In defense of Zugacoin, the founder and current CEO who is a cleric – Apostle Sam Zuga – made a long post on Facebook on 25th August 2022, denying all the allegations that have been levelled against the project including the rumours of manipulation within the Zugacoin ecosystem. He also attacked some unnamed individuals whom he accused of tarnishing Zugacoin’s image with their ignorance.
In his words, “The only challenge is lack of knowledge from the users. Anyone can withdraw conveniently if the people that are withdrawing are less than the people who are depositing. No system can survive if what is going out is more than what is coming in”. He also went on to explain how the ecosystem works and why some Zugacoin holders might be having withdrawal issues.
The price of Zugacoin has fallen 8.70% in the last 7 days. On CoinMarketCap, Zugacoin’s price is $1.62 as at the time of this writing with a 24 hour trading volume of $8,580.24. Zugacoin is also more than 100% below it’s all-time high of $285,677.51 with a current circulating supply of 0 SZCB.
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