The value of ZCash surged by about 7% which resulted in an increase from US$ 226 at a price of US$ 243.84 but still, it is failing to go near its 180-days best value of US$ 300. The surge came soon after ZCash issuing group’s CEO invested US$ 85 Million into the coins. Since past week to this day, there have been two price surges for ZCash, one for 50% and the other for 7%.
It is very obvious in the crypto industry that it is the investment that boosts the crypto economy.
Barry Silbert is a known crypto investor currently heading a company as its CEO. The company he represents is the issuer of ZCash, which is a very well-recognized cryptocurrency.
Yesterday, the value of ZCash (ZEC) was seen earning gains in the value of approximately 7%. The surge came because of the massive investment poured into the ZEC coin by Silbert himself. Resultantly, the value increased from US$ 226 per coin to a price of US$ 243.84 per coin. If the investment wouldn’t have been brought then the surge wouldn’t have been possible, believed crypto experts.
On 1st December 2021, Silbert posted a tweet message informing that he had purchased ZEC coins for an amount of US$ 85 Million. Against this massive sum of US Dollars, Silbert became the owner of 376,106 ZEC coins. When he purchased ZEC coins, the coin was trading at a price of US$ 226 per coin.
Irrespective of the US$ 85 Million investment, even this latest surge wasn’t enough for getting ZEC near to its 180-days highest value. ZEC saw the value rise to US$ 300 from US$ 158.94 on 25th November 2021. The reason behind the surge was an official announcement coming from ZEC’s developer namely “Electric Coins Co.” The developers announced that the digital wallet project for ZEC has been completed and soon they will be launching it. They further informed that the mining process of ZEC coins would be eco-friendly in 2022. The announcement resulted in an almost 50% increase in the value of the ZEC coin.
At present, ZEC is falling 20% short of reaching its 180-days highest value, which, in the current scenario, seems impossible to happen.
Apart from being CEO of ZEC and crypto investor, Silbert is widely recognized in the crypto community as a “crypto whale”. People from the crypto community believe that Silbert’s US$ 85 Million investment in ZEC is for the purpose of avoiding the “lockup” phase.
Silbert was even criticized on Twitter for investing money in his own coin. There were many Twitter users who were of the view that not even his investment can bypass the “lockup” phase. However, Silbert is committed that he would be investing more funds into ZEC to make sure that ZEC continues to grow.
