Zack Morris (ZACK) is currently trading at $0.06735, which is a 50% increase from the past 24 hours, but it’s still below its all-time high of $0.11 on May 24. The question is whether this surge is sustainable.
No reliable market sources are providing a ZACK price prediction at this time. Given its recent parabolic rise, you may be wondering if it’s a good investment. We’ll try to provide an answer.
Is ZACK’s rise sustainable?
Some people might remember Zack Morris as a fictional character from the TV show “Saved by the Bell.” Interestingly, a Twitter user using that name launched the ZACK coin on Solana on May 20. Within the next 24 hours, it surged by over 100%, leading to a corresponding increase in volume and activity on the Solana network.
The person behind the Twitter handle is Edward Constantinescu, who is also the co-founder of Atlas Trading and has an interesting history. On December 14, 2022, the US SEC filed a lawsuit against him and his company, alleging that they cheated investors out of more than $100 million.
Allegedly, Constantinescu orchestrated a scheme involving heavy promotion, coordinated share acquisition, and subsequent sale for significant profits. He had been active on X since 2020, promoting various penny stocks with his memorable meme face that seemed to represent Atlas Trading.
His modus operandi was as follows: he would acquire large stakes in a penny stock, then promote it intensively on X. “Anonymous” users would hype up the stock on social networks, promising it was destined for great highs. They are believed to have held shares in the company issuing the stock before it surged.
Classic pump-and-dump allegations
The SEC claimed that stakeholders artificially inflated the stock and then sold their shares, making significant profits. The case was dismissed in early April, and a Reddit user predicted high volatility in the small-cap market.
Given the creator of ZACK’s questionable history, people are understandably skeptical of the coin. Traders have commented that they expected “people would get burned” when ZACK reached $0.09, indicating a cautious approach to investing in such volatile assets is wise. ZACK did indeed plummet after that. It’s not wise to trust a token with a self-reported market cap.
