Whales Push Zcash to Investors, But Timing of Rally Raises Questions
Some of Bitcoin's oldest whales have been urging investors to buy Zcash (ZEC) for months, with some even funding trades by selling a portion of their long-term Bitcoin holdings.
Dan Held, a former Kraken head of marketing who has been investing in Bitcoin since 2012, revealed that he received private messages from these whales encouraging him to buy ZEC between $100 and $400. He described the investors as having eight- and nine-figure net worths and trading Bitcoin since 2013.
Held expressed skepticism about the timing of the rally, saying that crypto narratives typically form after an asset has already moved, not before. He pointed out that Zcash's community accepted a tradeoff between privacy and supply auditability, which is in contrast to Bitcoin's fixed 21 million supply cap.
Zcash has recently surpassed $1,000 for the first time in nearly a decade since its launch. The token's price has risen by 182% in the last three months, driven in part by rising Zcash ETF inflows into Grayscale's ZCSH fund.