Zcash (ZEC) Price Surges Above $500 Amid Whale Accumulation

Zcash (ZEC) price surged above $500, marking a 20% increase over the last week despite a general crypto market decline.
There is a notable increase in whale accumulation, with Nansen data indicating a 47% rise in ZEC holdings by whales, now controlling 66% of the total supply.
The supply held by exchanges has reduced by 55.36%, suggesting investors are opting for long-term holding.
On-chain analytics from Lookonchain revealed significant withdrawals from major exchanges like Binance and Kraken, totaling millions of dollars worth of ZEC.
Derivatives market activity shows increased open interest in ZEC, with most traders maintaining long positions.
ZEC has achieved an approximately 800% year-to-date gain, making it the best-performing cryptocurrency among top tokens.
BitMEX co-founder Arthur Hayes forecasts ZEC could reach $1,000, implying a potential 100% gain from current levels. He has predicted even higher targets for the token in the future.
Zcash co-founder Eli Ben-Sasson attributes the rally to the product's quality, scarcity, and favorable regulatory environment, emphasizing the growing importance of privacy in crypto.
Current trading price for ZEC is around $536, showing a recent increase of over 3% within 24 hours.

Zcash