$ZEC According to on-chain analyst ZachXBT (@zachxbt), the recent Zcash chain-based 10K PFP NFT project, zkSNARKs, is suspected of rug-pulling. The project attracted 16,971 bids through a blind auction and ultimately allocated 8,000 NFTs at a clearing price of 1.5 ZEC (approximately $2,190), generating a total trading volume of 25,305 ZEC (approximately $36.94 million). Refunds of 13,309 ZEC (approximately $19.43 million) have been gradually returned. ZachXBT noted that the project raised approximately $17 million, with a 10% team allocation, 5% royalties, and around $2,000 in minting fees, yet offers no utility whatsoever—resembling the classic "pump-and-dump" scheme commonly seen in Ordinals projects.
Wall street will bleed it dry if this comes out as a scam, with ETFs massive outflow. Lets see.
$ZEC Chain analyst ZachXBT has criticized the zkSNARKs NFT project on Zcash, labeling it a potential scam. The project raised $17 million through blind bidding, with a trading volume of 25,305 ZEC ($36.94 million). On-chain data shows that $19.43 million (13,309 ZEC) in refunds have been issued. ZachXBT claims the project lacks utility and exhibits tactics consistent with exit scams seen in the Ordinals series.
It is a matter of fact, when this scam comes out ZEC will fall like a falling knife.
$ZEC At 4 am ET, when the pre market opens. The price of an Grayscale Zcash ETF will govern the price of ZEC. Sell off starts from today. Lets take it to the bottom where it came from.
$ZEC Do not enter now. There is quite liquidity in bottom 1300 which the whale will flush first then, they will make there move towards 1600-1700-1800.
$ZEC Now that a big short whale have closed his position in loss. The major liquidity for the rise is achieved. May trace 1300 level. Then can bounce towards 2000.
$ZEC There are some weird activity is going on in this chain. i am investigating the things. May US govt should check where the transactions are going in