The ZCL asset will take a snapshot of ownership on September 11 for yet another new digital asset.

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ZClassic (ZCL) is planning another hard fork, part of a series of snapshots and airdrops, which have led to spectacular pump-and-dump events for the coin. This time, the project and the asset, known as ANON, will have their snapshot for ZClassic and Bitcoin (BTC) owners on September 11.

ZClassic emerged in 2016 as a fork of privacy-focused ZCash (ZEC) with no “founders tax”. The most notable fork of ZCL is Bitcoin Private (BTCP). The fork, which occured on February 28, was in fact a merge of the ZCL and Bitcoin (BTC) blockchains along with an introduction of the zk-SNARKS feature to Bitcoin. The news around the fork had caused prise jumps and drops.

In the months following the BTCP snapshot and airdrop, ZCL prices had smaller-scale pumps, mostly on rumors of another upcoming fork. Later, the ZCL asset was left for grabs to two competing teams, with no news for months. In the end, a team took over the coin:

https://twitter.com/ZclassicCoin/status/1034681776428511232

Immediately after the news of the fork, Cryptopia announced it would assist with the snapshot. The correct balance of coins has been a problem before, as Cryptopia and other exchanges were slow to assist with the Bitcoin Private fork in the past.

Cryptopia announced:

“All users holding Zclassic (ZCL) or Bitcoin (BTC) balances on Cryptopia at the time of the snapshot (1:00 AM UTC on 11 September 2018) will be airdropped ANON. BTC holders will receive 1 ANON per 1 BTC (1:1 ratio) and ZCL holders will receive 2 ANON per 1 ZCL (2:1 ratio).”

The TradeSatoshi exchange will also participate in the snapshot and airdrop:

https://twitter.com/TradeSatoshi/status/1034339794942189568

The news of the fork have not lifted ZCL price significantly. As at 13:38 UTC, ZCL trades at $7.80, up 3.7% on a daily basis. But potentially, ZCL could grow ahead of the snapshot, as buyers aim for balances.

And while ZEC has turned out to be a relatively successful coin, BTCP prices quickly crashed, to current levels of around $4.50. BTCP slid from a peak of 0.008 BTC to 0.0006 BTC, and from prices of above $77 on April 21. ZEC has managed to preserve more value, although at around $154, it is very far from the absolute peak right after the coin’s launch, at nearly $5,500 on October 29, 2016.

ZCL remains a highly risky asset, with the promise of regular forks and potentially valuable airdrops being its chief selling point.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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Published on

2018-08-29 14:53:28

Author

Christine Masters

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