Privacy-focused cryptocurrency Zcash (ZEC) surged 43% within 24 hours, climbing above $600 while most major digital assets remained flat. The sharp move made ZEC the top performer of the day.
Multicoin Capital Co-Founder Goes Public on Zcash Bet
The primary catalyst came from Tushar Jain, co-founder of Multicoin Capital, who revealed a significant personal investment in Zcash this year. Jain said Zcash aligns with the original cypherpunk vision of cryptocurrency, emphasizing privacy, censorship resistance, and financial freedom. He highlighted Zcash's shielded transaction feature that hides sender, receiver, and amount. With rising regulatory pressure and wealth-control policies, Jain argued demand for truly private digital assets is growing. While Bitcoin offers censorship resistance, he noted it doesn't fully protect against government tracking, making Zcash a stronger privacy alternative.
Robinhood Listing and Supply Squeeze Fuel Rally
Another key driver was Robinhood listing Zcash in late April, giving over 10 million retail users easy access to ZEC trading. Since the listing, Zcash has gained more than 40% in 30 days. On-chain data shows nearly 30% of ZEC's circulating supply (about 5.18 million coins) is locked in shielded pools, reducing liquid supply and strengthening bullish momentum in high demand periods.
Trading Volume Hits $1.6 Billion; Short Sellers Liquidated
The rally was backed by real capital. Zcash's 24-hour trading volume jumped nearly 71% to about $1.6 billion. Liquidation data revealed nearly $57.7 million wiped out, with short sellers accounting for over $55 million. This massive short squeeze forced bearish traders to cover, pushing prices higher.
Crypto Heavyweights Turn Bullish on ZEC
Macro investor Raoul Pal described Zcash as Bitcoin's "younger sibling." Influencer Jesus Martinez claimed "Zcash will do what Bitcoin couldn't do." These comments fueled social media buzz and renewed interest in privacy coins.
Technical Breakout Points to $1,280 Target
Analyst Captain Faibik noted Zcash broke out of a long-term downward channel near $490, a bullish reversal signal. If momentum continues and market conditions stay supportive, ZEC could climb toward $1,280 in the coming months.