Zcash Flips Dogecoin in Market Cap Amid Grayscale ETF Launch Frenzy

Zcash (ZEC) briefly took over Dogecoin in market capitalization on Monday as it surged ahead of Grayscale's spot exchange-traded fund launch. The token reached a value of roughly $14.48 billion, edging past Dogecoin to claim the No. 10 spot on CoinMarketCap's ranking.

The rally has been intense, carrying ZEC up more than 68% over the past seven days and pushing its price to an intraday high of $866.45 on August 24. It remains well below the all-time high of $5,941.80 set in October 2016.

Grayscale's effort to convert its existing Zcash Trust into an ETF listed on NYSE Arca under the ticker ZCSH has been a catalyst for the rally. The asset manager filed an amended registration statement with the Securities and Exchange Commission on August 21, and trading was expected to begin on or about August 25.

However, some analysts are cautioning that the move may be overextended. One trader noted that ZEC's 'real value' lies below $500, citing its position above daily averages and upper Bollinger Band as evidence of a stretched market.