By: Damian Okonkwo
The first and most popular Cryptocurrency launched in Africa just two years ago in December 1, 2020 has witnessed a great cramp down in its market value following a withdrawal of over 700 million within three days by investors and to further heighten the panic of the investors another 500 million worth of ZUGACOIN was again withdrawn in one day just last week.
According to the statistics on ground, the price of Zugacoin has fallen by 20.23% in the past 7 days. The price further witnessed a 14.48% decline within a single day causing great panic among investors. The current price is NGN 2,544,996.390700 per SZCB. Zugacoin is currently over 98.50% below the all time high of NGN 119,604,214.30.
Recall that during the creation of this cryptocurrency, the founder and CEO of Zugacoin - Archbishop Professor Sam Zuga told newsmen that the major goal of founding this cryptocurrency was to lead Africans to financial freedom through ZUGACOIN. He further stressed that this new cryptocurrency intends to correct the mistakes made by other Cryptocurrencies.
Hence according to Prof. Sam; the vision and mission of Zugacoin was to become an outstanding Cryptocurrency in the world and correct previous bad notions regarding crypocurrency especially in Africa.
Since its launch two years ago, Zugacoin has grown to become the most successful cryptocurrency in Africa and currently the most valuable coin in the history of cryptocurrencies. At present, the coin has witnessed a great price cramp down due to the high volumes of withdrawals ongoing by Africans and other investors.
This increased cases of massive withdrawal gong on daily has led the CEO Prof. Sam reputed as the first professor of Digital Economy to appeal to all Nigerian and Africans to reconsider their decision of abandoning this All African project and support the further growth of Zugacoin by reconsidering the massive withdrawal currently going on.
Prof. Sam had stated the best way forward, is not to keep withdrawing due to the current panic in the crypto market especially as the Russian and Ukranian tension heightens which has affected the performance of Bitcoin and other cryptocurrencies last week and affected Zugacoin also leading to over 700 Million Naira being withdrawn from ZUGACOIN within the past week. He therefore appealed to investors to cease fire and sustain their support and hope in this African Cryptocurrency. In his words: “I would also advise that you should focus on one withdrawal. You are withdrawing ZUGACOIN in Samzuga wallet, you are still withdrawing from ZUGACOIN in trust wallet, all these are coming from one persons pocket and it is having a negative impact on the global market.”
Similarly, he stated that: “when we put money on the global market to enable you withdraw from the Samzuga wallet, you still go and finish the one in the global market.”
He therefore beckoned on African investors to always choose wisely what they want. Either withdrawal from Samzuga wallet or selling on pancakeswap or to HODL and see the coin rise to greater heights.