Since the debut launch of Zugacoin a crypto token launched after the name of it’s founder, Bishop Sam Zuga.
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The coin has received criticism concerning it’s legitimacy and authenticity. The Zuga Coin was reportedly created to help Nigerians and Africans to tackle poverty. This is synonymous with the language used by many crypto projected that existed scam across Nigeria and Africa.
Meanwhile, since launch the coin traded over $40,000 before making a drastic drop to $200 in what many people criticised as an exist scam strategy.
Many crypto influencers commented on the recent price drop. Many other analysts tagged the project scam noting that it has no use case and has a very high price manipulation to lure investors.
The coin was popularly traded on Uniswap and it’s own website Zugacoin. The coin was issued into circulation through presale which ended on Nov 30, 2020.
As seen in Asaba, Delta state. Once in a while, I sound a note of caution. Buy at your own risk and lose money. It's not the first African cryptocurrency. No real use-case but just speculative trading. Will a Chinese businessman accept your payment in Zugacoin or Bitcoin? pic.twitter.com/oaBiq2cqPH
— Charles OkaforMbah (@justcharlz_) January 7, 2021
Charles Mba, a blockchain solutions architect also warned the public, encouraging them to avoid investing in projects with questionable characteristics.
Moreso, ABiT Network Founder cautioned the public to stay clear from risking the project, “Stop buying Scam Tokens because a Man of gods launched it. Remember I told you Million Money was Scam. Now iam telling you Zunga coin too is scam and won’t survive. Been around Enough to know Scam Projects.”