Chinese Whale Dumps $23M Worth of Zcash Amid Market Volatility
A Chinese cryptocurrency whale, identified as Lee Goon Wang, has been forced to sell a large quantity of Zcash ($ZEC) on the decentralized exchange Hyperliquid. According to on-chain data, Wang sold 15,000 $ZEC worth approximately $23 million in a limit sell order at a price about 2% lower than the market price.
The sale occurred despite the recent popularity of $ZEC, which has gained prominence due to its use of the Proof of Work system and privacy features. The altcoin's price had reached $1,600 during the day but fell to $1,520 at the time of writing.
$ZEC has experienced a significant increase in value over the past year, rising by approximately 2,500%. Its surge this year is part of the growing trend of privacy tokens. However, this volatility may have prompted Wang's decision to sell.