Binance, the world’s largest digital-asset exchange by traded value, has announced the listing of ZenCash (ZEN) today, only to see the currency’s network overload due to a price pump, which led the operator to postpone the listing until their blockchain is stable. ZEN is currently trading at the $40 area and Binance is about to list the digital currency on its platform.
ZenCash Jumps 50% Ahead of Binance Listing, Operator Postpones
Binance, a cryptocurrency trading platform originally from China that is planning to launch a decentralized exchange in the coming months, was about to list ZenCash (ZEN) at 2018/05/23 05:30 AM (UTC). A subsequent price pump caused high congestion on the network.
During the listing period, which only lasted two hours, ZEN jumped from $33 to the $50 mark, a gain of more than 50%. Most trading volumes happened for ZEN/BTC at Bittrex (over $17 million) and Upbit (over $12 million). Binance was opening trading for ZEN/BNB, ZEN/BTC, and ZEN/ETH pairs and allowed users to start depositing ZEN in preparation for trading.
Two hours later, the company founded in 2017 by Changpeng Zhao announced the postponement of the listing in a statement:
“Due to high congestion on the ZenCash network, Binance will postpone the listing of ZenCash until their blockchain is stable. We will keep ZEN deposits open and provide a further announcement prior to listing. Thank you for your understanding.”
Binance released a new statement announcing it will give it another try at 07:30 AM (UTC).
“As the ZenCash network is now stable, Binance will open trading for ZEN/BNB, ZEN/BTC and ZEN/ETH trading pairs at 2018/05/23 07:30 AM (UTC).”
The fee structure of ZenCash on Binance includes a transaction fee of 0.002 ZEN and a minimum withdrawal of 0.004 ZEN. The minimum amount of trading for ZEN/BTC is 0.000001. As an end-to-end-encrypted system with zero-knowledge technology, ZEN combines the ability for transactions, communication, and competitive governance, in a secure and anonymous way. ZenCash is an evolution of the Zcash codebase.
Trading around $42, ZenCash is now ranking #89 in the top cryptocurrencies by market capitalization, according to coinmarketcap.com, after having its market inflated to $190 million from $135 million in a couple of hours. Prior to the price pump, the digital currency wasn’t even listed on the top 100 coins by market cap.
ZenCash is the biggest winner in the last 24 hours, with close to 40% gains, followed by Bitcoin Private (+7.09%), MaidSafeCoin (+2.41%), and MonaCoin (+2.15%). The overall market is down today. Bitcoin trades below the $8,000 line and is bleeding nearly 5% of its value. Ethereum is losing 8.63% of its price and Ripple is down by 5.81%.