Zcash Price Rebounds Above $1,440 Amid Governance Debate

Zcash (ZEC) pulled back from its year-to-date high of $1,590 to $1,429 on Sunday, ending a multi-day streak of double-digit percentage gains.

The price drop coincided with Grayscale's announcement of a 3-for-1 share split for its Zcash ETF and dragged the market capitalization of ZEC back under $25 billion.

However, despite the steep decline, ZEC later found support above $1,440, leaving it with a daily loss of approximately 5%.

The privacy-focused token has been drawing strong retail inflows, spurred by aggressive endorsement from high-profile figures across the cryptocurrency sector, and is up more than 200% from its June 22 price of $445 and over 8,800% since hitting an all-time low of $16.04 on July 4, 2024.

Attention has shifted to a deeper debate over ZEC's governance, specifically the future of the Zcash Development Fund, which allocates a portion of block rewards to protocol development and expires in 2028.