Zcash Price Soars as Grayscale Files Share Split and Short Trader Bites Dust

Zcash has been making headlines recently, thanks to its steep price rally and a series of significant events. The token's price is currently trading at $1,524.20, up 5% today after another leg of the rally.

One major development that contributed to ZEC's surge in popularity was Grayscale's filing for a 3-for-1 share split in its Zcash ETF. This move would give investors two additional shares for every share they hold after trading closes on September 28, making the fund more accessible to smaller investors.

Another significant event is the capitulation of Garrett Jin, the largest known short trader of ZEC, who closed his entire 38,000 ZEC (approximately $58.5M) short position and took a $35.44M loss in the process. Interestingly, he still holds 202,078 ZEC (around $309.25M) in spot on-chain, sitting on roughly $221M in unrealized profit.

The token's price movement is also reflected in its trending status on CoinGecko, where it has become today's top trending token, tying the move to the Grayscale ETF split filing and roughly $233M in inflows since the fund's launch.