Jiang Zhuoer, founder of BTC.TOP, said he will not trade ZEC, arguing that the token shows the characteristics of a "manipulated coin." In a post on Sept. 20, he said that after ZEC fell to $1,445, Garrett Jin — described in the post as an agent for a "BTC OG insider whale" — shorted ZEC and then faced market skepticism that the move may have been intended to create the other side of the trade and lure retail investors into going long. Jiang added that once the "target" created by Garrett Jin’s disclosure of a large spot position disappeared, the roughly 200,000 ZEC he holds, or about 1% of total supply, could itself become potential selling pressure. Based on that view, Jiang said the current ZEC rally may be nearing its end. He added that in this kind of market, counterparties may hold an information advantage, leaving others at a disadvantage, which is why he does not plan to participate.
Jiang Zhuoer, founder of BTC.TOP, said on Sept. 20 that he will not participate in trading ZEC, describing it as a "manipulated coin."
According to his post, after ZEC fell to $1,445, Garrett Jin — referred to as an agent for a "BTC OG insider whale" — shorted ZEC and then drew market skepticism that the move may have been designed to create the other side of the trade and attract retail investors to go long.
Jiang said that as the "target" created by Garrett Jin’s disclosure of a large spot position disappeared, the roughly 200,000 ZEC he holds, equal to about 1% of total supply, could also turn into potential selling pressure. On that basis, Jiang said the current round of gains in ZEC may be close to ending.
He added that with this type of "manipulated coin," traders on the other side may have an information edge, while he would be at an information disadvantage, so he will stay out of the trade.
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