Grayscale has filed its 8-K form for a Horizen Trust with the SEC, creating significant buzz around Horizen (HEZ).
Notably, Grayscale’s move, coupled with the release of over 3.5 million shares and a steady accumulation of ZEN tokens, has sparked a rally in the price of Horizen (ZEN).
With ZEN surging by over 27% in a single day, there is speculation that the token could be set to reach new heights, potentially hitting $40.
At the same time, iDEGEN, a new AI-powered meme coin, is gaining attention with its innovative presale mechanism, positioning itself as the next big opportunity for investors besides ZEN.
Horizen (ZEN) price surge after Grayscale Horizen Trust filing
Grayscale’s Grayscale Horizen Trust 8-K form filing has had a clear impact on the price of ZEN, the native token of the Horizen blockchain.
The Trust’s issuance of 3,565,200 shares, equating to 304,034 ZEN tokens worth $4.7 million, provides significant backing to the cryptocurrency.
The trust filing is a crucial step for Grayscale as it expands its portfolio, further legitimizing Horizen as an investment vehicle for accredited investors.
It adds to Grayscale’s growing suite of regulated crypto investment products, including its Bitcoin and Ethereum trusts, bringing a renewed sense of legitimacy to ZEN.
Since the filing, ZEN has surged from the $29 level to $37.78, representing a remarkable 27.3% increase in a short period.
This surge can be attributed to several factors, including the growing market confidence in the Horizen Trust and the influx of investors looking to capitalize on the regulated investment vehicle.
Additionally, the ZEN’s breakout from a prolonged 539-day accumulation phase has led to a significant rally, with analysts such as CryptoBullet predicting that ZEN could now target the $50 mark after crossing his earlier target of $32.
Replying to @CryptoBullet1
$ZEN update
It took longer than expected but the result is the same – #ZEN broke out of the Accumulation range to the upside and reached my Target 1 ✅
+140% profit on spot so far
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The rally that began after the breakout from the accumulation phase was long awaited.
ZEN had spent over 77 weeks in a tight trading range, and once it broke above the $20 resistance level, it signalled the start of a new upward trend.
The price movement is not just a technical breakout; it represents a shift in market sentiment towards Horizen as a promising investment in the broader crypto landscape.
Furthermore, the announcement of the Grayscale Horizen Trust has led to increased investor interest, with ZEN’s trading volume climbing.
This uptick in demand has prompted analysts to believe that the cryptocurrency could continue its rise, potentially reaching $40 in the coming weeks.
As the market absorbs more ZEN, the price could climb further, supported by both the ongoing accumulation and the newly introduced institutional investors via Grayscale’s Trust.
Is iDEGEN the next coin to rise?
While ZEN is experiencing a surge, another cryptocurrency worth watching is iDEGEN.
This AI-powered meme coin has generated considerable excitement since its launch in November 2024, raising over $8.7 million in its ongoing presale.
What is attracting investors to iDEGEN is its unique dynamic pricing model that sets it apart from traditional token launches.
The price of iDEGEN adjusts every five minutes based on market activity, with the price rising by 5% for consecutive purchases and falling by 5% during periods of inactivity.
iDEGEN’s use of artificial intelligence (AI) further adds to its appeal.
The token leverages community feedback on X (formerly Twitter), helping to refine its development.
This AI integration enhances its utility and appeal, signalling that it may not just be another meme coin but a project with the potential for long-term growth.
With the presale set to conclude on January 1, 2025, and an expected listing price 10% higher than the final presale price, iDEGEN has the potential for significant returns and now could be the best time for those who are interested in jumping in.
Given the success of its presale and the ongoing momentum, there’s a strong possibility that iDEGEN could be the next coin to experience explosive growth like ZEN.
The innovative approach and adaptability of iDEGEN make it a compelling option for investors looking for high-growth opportunities, especially after the strong performance of ZEN following the Grayscale Horizen Trust filing.
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