Zugacoin Review: Legit or Scam? See Price, History & Risks

I know you must be planning to invest in Zugacoin and that is why you came across this post and decided to read it first before investing in zugacoin.

The host of events planned by the owners and orchestrators of Zugacoin means that the publicity is everywhere, and I daresay that one in every ten Nigerian adults must have heard about Zugacoin.

They are in the news, on several newspaper publications, news websites, and even government sponsored empowerment events.

Zugacoin is literally everywhere and it is very tempting to invest in the coin due to the fear of missing out.

What happens if you don’t invest and then Zugacoin appreciates just like Bitcoin has over the years?

What happens if you don’t invest in Zugacoin and then it becomes a recognized payment tender in Africa?

Well, you first have to be sure that the coin would pass the test of time in terms of stability and adoption before you decide to invest your money.

That is a wise thing to do and that is the essence of this post.

So, What is Zugacoin All About?

Zugacoin was founded by Archbishop Sam Zuga, a very influential religious leader and philanthropist in Nigeria. He hails from Benue state and is a TIV by tribe. 

According to Bishop Zuga, Zugacoin was founded with the aim to alleviate unemployment in Nigeria and Africa at large.

It is listed on Coinmarketcap, making it the first African coin to be listed on the platform.

With a plan to make Zugacoin the most valuable and most expensive cryptocurrency in the world, Zugacoin launched its ICO on December, 1 2020 and the coin was priced at a high of $45,856. The price has so far adjusted to the market.

Is Zugacoin Legit or Scam?

To be clear, as far as Zugacoin is listed on Coinmarketcap, the idea of it being a scam is already out of the window. The only issue is if the price will continue to appreciate or fall after you invest.

The value of a cryptocurrency is mostly based on its market capitalization. That is the number of people who are buying and holding it.

A quick look at Coinmarketcap shows that Zuga coin’s Coinmarketcap ranking is #2717. 

However, a look at Zugacoin price history on Coinmarketcap shows that the price has continued a downward movement since its launch in December 2020.

Since listing on Coinmarketcap on December 14th at a price of $45,856, its price has fallen to $56.27 as at today, 4th of February 2021.

Zugacoin’s price fall in the last 2 months is something to take a really hard look at before investing.

The question now is, would the price of Zugacoin continue to fall? Or will it make a retrace and start an upward trend? Only time will tell.

How Much Is Zugacoin Worth?

You can’t really tell the real price of a cryptocurrency, as it fluctuates according to market supply and demand forces.

Also, the price of a cryptocurrency would depend on where you are buying it from. Different platforms may have different prices and fees involved when you want to purchase a coin.

But as at today, Zugacoin is worth $56.27 on Coinmarketcap. That is approximately 26,000 Naira minus any platform fees included in the purchase.

If you are buying one Zugacoin with Bitcoin, it would cost you 0.001526 BTC. If you are buying one Zugacoin with Ethereum, it would cost you 0.03437 ETH.

How to buy Zugacoin?

Zugacoin can be bought on many crypto trading platforms available to Nigerians, such as Paxful and Binance.

I tried to search for Zugacoin (SZC) on Binance but I couldn’t find it. I tried to check their website for purchase information, but the website (zugacoin.com) seems not to be reachable.

So, to buy Zugacoin, you just have to check with your favorite crypto trading platform to see if it is available for purchase.

Should You Invest In Zugacoin?

Well, it depends on your priority. But if I’m honest, I don’t think I’m convinced enough to invest in Zugacoin.

Firstly, because it has not received any international recognition or worldwide reach. Most of the Zugacoin investors are poor Africans (with due respect) hoping to make capital gains.

Also, I think Zugacoin is vastly overpriced. There is no way it should be worth over $50. Imagine DOGE coin with even a higher market cap is not worth that much.

I think the price history has shown that Zugacoin is overpriced. Imagine falling down from over $45k to $56. That is a very hard fall and one that I’m wary of.

I am predicting that Zugacoin would fall further and many investors would lose money.

There is no underlying asset holding the value of Zugacoin, and there is yet to be worldwide adoption. So, I would give Zugacoin another one year and see how the market reacts to it.

If Zugacoin goes below $10 in one year and retraces to above $20, then it might be worth the gamble.

As for now, I’m willing to stay on the sideline and watch how Zugacoin performs.

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