Cypherpunk $59M Buy and Whale Accumulation Fuel Zcash Rally
Zcash (ZEC) has surged over 40% in the past week, climbing past $600 on November 9 and settling around $515 after a 21% spike to $543 on November 13. The rally follows a $12.12 million whale purchase of 20,800 ZEC at $509.50 and a $58.88 million private placement by Winklevoss-backed Cypherpunk Technologies acquiring 203,775 ZEC (1.25% of supply). Privacy advocate Arthur Hayes has also endorsed Zcash’s shielded pools, which now hold 29% of supply after a 55% monthly increase. On-chain data shows the whale’s position holds an unrealized $1.5 million profit. Technically, ZEC trades within a 4-hour descending channel; a breakout above $600 could target $700, supported by a bullish MACD, though market caution might retest $400 support. Traders should monitor Zcash’s $500 level and growing whale accumulation, while considering broader market trends and privacy coin regulations for long-term impact.
Bullish
Strong whale buying of 20,800 ZEC and a $58.9 million private placement by Cypherpunk Technologies signal robust institutional and individual demand for Zcash, driving its price past key resistance levels. Technical indicators, including a bullish MACD and potential breakout from the descending channel, support further upside, while endorsements from Arthur Hayes and growing shielded pool usage reinforce market confidence. Although a pullback to $400 is possible if sentiment shifts, the overall combination of on-chain accumulation, price momentum, and privacy-focused developments points to a bullish outlook for ZEC in both the short and longer term.