In a thrilling twist in the crypto arena, Three Arrows Capital co-founder Su Zhu has revealed that he’s gone long on the meme coin Three Arrowz Capitel (3AC), sending the token’s price soaring over 30%! The excitement in the market is palpable, with the coin currently trading near $0.040, though it has experienced its fair share of volatility.
💥 A Strategic Move from Su Zhu
On October 14, Su Zhu took to the X platform to announce his latest investment—taking a long position in 3AC at $0.0321. This bold move ignited a frenzy among traders, sparking speculation and propelling the token into the spotlight of the crypto community.
Co-founders Su Zhu and Kylie Davies launched this meme coin as a playful nod to their infamous hedge fund, intentionally misspelling its name. However, the project has not been without controversy, as insiders control the majority of the coin's holdings, raising eyebrows among seasoned investors.
📉 Pump and Dump Controversy
After its launch earlier this month, 3AC faced a tumultuous journey, plummeting over 60% in value. Many in the crypto space are viewing this latest surge as part of a potential pump-and-dump scheme, largely due to the coin's low liquidity. Despite the volatility, 3AC remains on the radar as one of the meme coins investors might consider.
Three Arrows Capital has attributed its collapse to Terraform Labs (TFL) and is currently seeking to recoup over $1.3 billion from them. Meanwhile, TFL is embroiled in bankruptcy proceedings following a massive $4.3 billion settlement with the U.S. SEC.
📈 Trading Surge and Market Dynamics
Today’s spike in 3AC price reflects a surge in trading volume, skyrocketing over 700% in the last 24 hours. The token reached a 24-hour high of $0.0444 before experiencing a slight correction. As of now, it’s trading at $0.0364, with a 24-hour low of $0.02947. Despite the day’s excitement, the coin is still down 1% over the past week, highlighting the unpredictable nature of meme coins.
As the crypto community watches closely, one question remains: Will 3AC continue to rise, or will it face another downturn? Keep an eye on this meme coin, as its next moves could be just as unpredictable as its journey so far!
