Zcash Price Surges by Over 140% Amid US Spot ETF Launch

The price of Zcash (ZEC) has surged by over 140% in the past month, briefly entering the top 10 cryptocurrencies by market capitalization. The rally has been driven by several factors, including the launch of a US spot ZEC ETF and the Ironwood upgrade. However, F2Pool founder Chun Wang has questioned the narrative behind the move, calling it a 'narrative bid'.

Wang's criticism centers on how Zcash handled its early rewards, with 20% of each block reward going to the Founders' Reward during its first four years. This allocation amounted to about 2.1 million ZEC, equal to 10% of the eventual 21 million supply.

The rally has also brought concerns about a potential pump and dump scenario. However, the move has received several forms of support, including the closure of the legacy pool and the introduction of quantum recoverable notes through the Ironwood upgrade.