Samson Mow "Zcash (ZEC) 2,000% Surge, a Clear Pump and Dump"

▲ Zcash (ZEC), Bull Market, Bear Market/AI Generated Image

Regarding the 2,000% surge of Zcash (ZEC), Samson Mow criticized it as a 'pump and dump' where the price is intentionally inflated followed by selling.

According to CCN on September 10 (local time), Jan3 CEO Samson Mow strongly criticized the recent rise of Zcash. He stated, "Zcash is a very obvious pump and dump," adding, "The argument that AI needs Zcash also makes no sense." Mow also drew a line against the market's claim that the spread of AI increases the investment value of privacy cryptocurrencies.

Zcash remained below $50 about a year ago but broke through $1,000 on September 6. It rose to its highest level in about 10 years, increasing by over 2,000% compared to a year ago. In August, it once jumped about 40% in a single day, exceeding $800. At that time, futures trading volume reached approximately $4.55 billion. Spot trading volume was $553 million, and open interest was approximately $1.35 billion.

Volatility was also high, matching the rapid rise. In June, when a vulnerability from four years ago in Zcash's Orchard shielded transaction pool was disclosed, the price dropped by approximately 50% within 24 hours. During this process, Zcash futures positions worth approximately $118 million were liquidated. The vulnerability was subsequently fixed.

Market attention also focused on Zcash. According to Santiment, Zcash's social dominance was an average of 183% higher in the 10 days after August 19 than before its price surge. During the same period, HyperLiquid increased by 44%, Bitcoin (BTC) by approximately 12%, and Ethereum (ETH) by approximately 8%. Zcash's share of shielded transactions also reached an all-time high of 59.3% of total activity last February. By the end of March, the cumulative trading volume of Zcash processed through NEAR Intents exceeded $1.5 billion.

CCN reported that regulated investment product development and corporate purchases expanded during Zcash's ascent. However, it specified that Mow's 'pump and dump' assessment is a personal opinion, not a proven fact of organized market manipulation. Zcash broke through $1,000 from below $50 a year ago, and at some points, derivatives trading volume significantly surpassed spot trading volume.

[Article Summary]

-Zcash rose by over 2,000%, breaking through $1,000 on September 6 from below $50 about a year ago.

-Samson Mow called the Zcash surge a “clear pump and dump” and refuted the AI privacy investment logic.

-CCN specified that Mow's statement is a personal opinion, not a proven fact of organized market manipulation.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*