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According to market data, ZEN surged 200% in seven days, breaking through $40. So what exactly is the ZEN token, and why has it risen so dramatically? Let's take a look!
What is ZEN?
Horizen is a blockchain ecosystem focused on achieving privacy and scalability through side chains. The platform enables businesses and developers to create their own public or private blockchains and decentralized applications on its distributed network. The project uses a verifiable cross-chain transfer protocol called Zendoo as its side chain solution, along with a zero-knowledge proof protocol (zk-SNARK) to ensure secure communication with side chains.
Tags: Infrastructure, Layer 1, PoW
Original Name: ZenCash
ZEN token surged 200% in seven days
As of the time of writing, the current price of ZEN is $43.54, with a 14.5% increase in the past 24 hours. The trading volume in the past 24 hours was $300,282,739, down 15.6% compared to a day ago, indicating a recent decline in market activity. The historical highest price of ZEN was $165.92, while its historical lowest price was $3.26, having risen 203.1% in the past seven days. The total market capitalization of ZEN is $694 million, and it ranks 169th on CoinGecko today.
Why is ZEN so powerful?
One: Grayscale submitted the Grayscale Horizen Trust (ZEN) 8-K form to the SEC.
Two: The ZEN token is a PoW coin, with a total supply of 21 million, just completed a halving which is a positive factor, unlike many coins now that have unlimited inflation.
Three: Grayscale has recently increased its holdings of ZEN against the trend, buying 76,000 two days ago and directly purchasing 1,700,000 yesterday. The total holding is 880,000 coins, and Grayscale's substantial holdings are being sought after by the market.
Four: The zen2.0 upgrade is coming, which will create a zk evm chain, expected around January to February 2025, after which there will be an airdrop of zk tokens with airdrop expectations.
Five: The monthly line has just broken through, and has shown independent market behavior recently, indicating that large players have entered. ZEN is the smallest market cap among all the trust coins held by Grayscale, while others are mostly worth over ten billion dollars. ZEN is currently only at 200 million dollars, making a 50x to a billion dollars very possible, and ZEN is much stronger than many current coins worth over ten billion.
Six: Who is behind ZEN? It's a group of miners at the top of the food chain. The ability of miners to drive prices can be compared to Bitcoin and Ethereum, which are solid examples!
Summary
The strong technical foundation and practical applications of Horizen (ZEN) have enhanced confidence that it could soar to $400 in the future. As more users join and use ZEN for secure transactions and privacy protection, this limited supply coin may become increasingly valuable. The balance between supply and growing utility presents a bright future for Horizen!
Disclaimer: All information in this article is for communication and sharing purposes only and does not constitute any investment advice. Please comply with the relevant laws and regulations in your area. Investment is declined, and risks are borne by the investor.