This Meme Coin Soars Over 30% As 3AC Co-Founder Goes Long š
Three Arrows Capital co-founder Su Zhu said on Monday that he had gone long on meme coin Three Arrowz Capitel (3AC). The crypto token price skyrocketed over 30% sharply and currently trades near $0.040, witnessing a sharp pump and dump.
Three Arrows Capital co-founder Su Zhu took to the X platform on October 14 to disclose his latest purchase. He has taken a long position in Three Arrowz Capitel (3AC) meme coin at $0.0321. This sparked a sudden spike in the token raising speculation in the crypto community.
Three Arrows Capital co-founders Su Zhu and Kylie Davies launched their own meme coin, a purposeful misspelling of their failed hedge fund. The coin remained in controversy due to insidersā wallets controlling the majority of holdings.
3AC coin witnessed a more than 60% dump after the launch early this month. The sudden surge was also seen as a pump-and-dump scheme by the crypto community due to low liquidity. Traders likely see these cryptocurrencies as less stable in the markets. Instead, these are some best meme coins investors should invest in.
Three Arrows Capital has blamed Terraform Labs (TFL) for its collapse and has made a huge demand to recoup over $1.3 billion from TFL. Meanwhile, the firm behind Terra undergoes bankruptcy proceedings after $4.3 billion in settlement with the U.S. SEC.
Three Arrowz Capitel price saw a sudden jump of over 30% today after Su Zhu said he has already gone long on the meme coin. Trading volume shot up more than 700% in the last 24 hours. However, the price pared gains after hitting a 24-hour high of $0.0444.
At the time of writing, the price is trading at $0.0364. The 24-hour low and high are $0.02947 and $0.0444, respectively. Also, it has a liquidity of 4.75% in the last 24 hours. The 3AC price is still down 1% in a week.