A relatively obscure coin, ZClassic, went crazy after announcing a coming airdrop of Bitcoin Private in January.
Classic (ZCL) was a relatively obscure digital asset that received sudden attention and grew by more than 2,700% in a few days to above $100.
The news that triggered the climb are the upcoming, though still unannounced snapshot of the blockchain. What is known about the hard fork from a recent blog is that owning ZCL would entitle users for a free airdrop of Bitcoin Private:
“A snapshot date will announced soon. If you own zclassic and/or bitcoin during the snapshot you will receive Bitcoin Private in the ratio of 1:1. Make sure to have the coins in your wallet to receive BTCP. For now it is not recommended to hold ZCL and BTC on bittrex as it is still unclear if they will support the fork or not.”
This is an example of how a very different coin rides on the Bitcoin brand. In addition, a general rush to altcoins has helped the phenomenal climb of ZClassic, which is actively traded and available through Bittrex.
The graph, looking like the annual gains of other coins, shows a sudden and unstoppable bidding upward, with an unknown future. It seems a rebranding and a connection to Bitcoin has worked wonders for this coin.
ZClassic claims it has a robust community that would continue promoting the project, but with such a climb, it is uncertain whether the bidding upward would continue, or if there would be a correction. Adding to the hype and the FOMO is the unknown date of the snapshot, inviting new buyers to hop on board with ZCL.
The coin’s total supply of 1.8 million is small, but not even this is a guarantee of higher prices. And after the fork, dumping the coin is a real possibility.