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Highlights
- Tens of thousands of cryptoassets exist today, and hence caution is necessary at all times
- Prices are usually volatile, no matter it’s a high market cap crypto or a relatively newer project
- Zhaka crypto project is quite new, and the token is not listed on major websites or exchanges
The cryptoverse is a pretty wide space with tens of thousands of assets. CoinMarketCap has over 19,000 cryptocurrencies listed on its website. Price volatility afflicts virtually all assets regardless of the market cap or dominance.
This is one reason why any crypto enthusiast must exercise caution and ensure due diligence ahead of taking a plunge. Separately, there could be scams, where any project may launch a new token, which is pumped over a short time to be eventually dumped. The rise and fall of crypto Squid Game in late-2021 can serve as a cautionary tale.
That said, even Bitcoin had humble beginnings. A new crypto, ZHAKA token, was trending at the time of writing. Let’s know more about the project.
What is Zhaka cryptocurrency?
Zhaka is not listed on major price tracking platforms like CoinMarketCap. Hence, the official website of the project has to be relied upon for info. A post, dated February 13, 2022, talks about the “start” of operations. The primary offering of the project appears to be its wallet services, which it claims can help users move cryptos and other digital assets like non-fungible tokens.
Also read: What is Live Crypto Party (LCP) token and is it safe?
It is also stated that some NFTs were distributed to users during the test phase, which come with a bonus of two per cent on investments for their holders.
The project’s main focus seems to be P2P transactions, with ‘borrow’ features for users also mentioned on the website.
Zhaka claims its platform and wallet services are secured with “military grade” infrastructure. Services would begin in a phased manner, according to the website. In the third quarter of calendar year 2022, a mobile wallet and exchange would launch, it is being claimed.
ZHAKA token
ZHAKA is stated to be the project’s utility token. The website says that it uses Cardano’s blockchain network for the token. No price information was available at the time of writing.
Also read: What is Immutable X Layer 2 NFT service and how has IMX token fared?
Is ZHAKA token safe?
New projects in the cryptoverse could be both risky as well as rewarding. ApeCoin, which was launched nearly a month back, surged on debut. It was also rising at the time of writing.
However, ApeCoin has links with BAYC NFTs, which were quite popular before APE token’s launch. Zhaka seems to be different. Moreover, not much information is available in the public domain. Listing of Zhaka token on websites like CoinMarketCap and on exchanges like Binance has yet to be done.
Data provided by CoinMarketCap.com
Bottom line
For now, Zhaka crypto project claims to offer a wallet, with exchange services to be launched in the latter half of this year. It also talks about NFT trades. ZHAKA token has yet to come up on major exchanges. Any investment decision must be backed by thorough research and due diligence.
Also read: What is Fidelity’s Bitcoin 401(k) offering? What to keep in mind?
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