January 12, 2023
By Murtuza Merchant
The ZOO token of the CryptoZoo project, which is led by YouTuber Logan Paul, has seen a significant increase in value over the past two weeks. Despite facing controversies and not living up to initial promises, the token has risen by more than 1000% due to Paul’s reassurance to investors on his YouTube channel.
The CryptoZoo project was first launched in July 2021 with the goal of developing a fun game involving ‘egg’ NFTs that would later ‘hatch’ into animal characters, each with a unique rarity that influenced its value.
Additionally, Paul used his large YouTube following of 28 million subscribers to market the ZOO token as a yield-generating cryptocurrency that would power CryptoZoo’s operations.
However, soon after launch, those who invested in these egg NFTs were left disappointed as they were just left with mere images of animals and saw their investment plummet by more than 90% in the immediate month after launch.
Adding to the downward pricing pressure was the project’s own development team going public with allegations that they were not paid by Logan or any of the other founding members for their work. This caused a great deal of frustration and mistrust among early investors and the wider cryptocurrency community.
The project seemed to be in limbo for nearly fifteen months after initially exploding into the crypto space. As a result, the native ZOO token plummeted by more than 99.99% from its issue price by the end of 2021, settling at slightly higher levels over the next eleven months.
It was a tough time for the CryptoZoo project and its ZOO token holders as the crypto market had a gloomy 2022 which was extremely harsh on crypto investors.
Many of the investors had lost thousands and even millions of their invested capital, the token was trading in a narrow price range for more than a year. The situation looked bleak and many had given up hope of the token ever recovering its value.
However, with the start of the new year, things seem to have changed for the better.
The new year seems to have rekindled investors’ spirits with explosive price action being witnessed in tokens such as the CryptoZoo project’s native ZOO token.
Since the last week of December 2022, prices for the ZOO token rocketed by more than 1000% as the CryptoZoo project founder YouTuber Logan Paul took to his channel to assuage investor fears.
The CryptoZoo project has once again come into the limelight with Logan refuting allegations of fraud and business malpractices leveled against him by CoffeeZilla, a YouTube channel that has been known to bust the claims made by dubious blockchain projects.
While he hasn’t responded to all of CoffeeZilla’s questions about what has transpired at CryptoZoo, investors seemed to have taken this as a sign that the project will finally be on the path to achieving what it initially intended.
Hosted on the Binance Smart Chain, CryptoZoo utilizes the OpenSea NFT platform for its egg NFTs and could leverage Logan’s massive online following to increase users of the Pokémon-Esque Web3 game, translating into potentially increasing transacting volumes of the ZOO token.
But before the project can get to that stage, Logan will need to reward the thousands of ZOO token holders with concrete action, with the resumption of development operations being the number one priority. He needs to address the issues that caused the project to stall in the first place and prove to the investors that he is fully committed to making the project a success. He needs to earn back the trust of the early investors who were left disappointed and frustrated by the project’s initial failures.
While the jury is still out on whether the famous YouTuber will deliver this time, the CryptoZoo project has had an auspicious start in the new year and could deliver positive surprises in the future. It’s a new beginning for the project and the investors need to wait and watch the developments in the coming days.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.
