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Privacy token Zcash<a href="https://yellow.com/asset/zec" rel="noopener noreferrer nofollow">(ZEC)</a> climbed past $570 this week, with <a href="https://yellow.com/news/zcash-leads-privacy-coin-rally-31-percent-volume" rel="noopener noreferrer nofollow">monthly gains topping 110%</a> after a major crypto fund disclosed a sizable position.<h2 id="zec-rally-catalyst">ZEC Rally Catalyst</h2>ZEC surged nearly 30% on Tuesday to $543 in Asian trading hours, <a href="https://www.coindesk.com/markets/2026/05/06/zcash-bets-turn-into-second-largest-liquidations-behind-bitcoin-as-zec-rockets-30" rel="noopener noreferrer nofollow">according</a> to CoinDesk. The token then peaked near $603 on Wednesday before settling around $570, per CoinGecko data.The rally followed a disclosure by Multicoin Capital, whose co-founder Tushar Jain said at Consensus Miami that the firm had been building a "significant position" in ZEC since February.<blockquote>The price spike triggered roughly $62 million in futures liquidations, mostly hitting short sellers.</blockquote>Open interest in ZEC contracts surged 40% to $1.31 billion in 24 hours.Zcash's market capitalization climbed above $9.3 billion, <a href="https://dailycoin.com/multicoin-capital-zcash-zec-privacy-coin-dev-team-gone" rel="noopener noreferrer nofollow">pushing</a> the token past Monero<a href="https://yellow.com/asset/xmr" rel="noopener noreferrer nofollow">(XMR)</a> to become the largest privacy-focused cryptocurrency.Also Read:<a href="https://yellow.com/news/chainlink-whales-buy-32-9m-link-record-high" rel="noopener noreferrer nofollow">Chainlink Whales Quietly Pocket 32.9M LINK In 30 Days, Hitting All-Time High</a><h2 id="multicoin-thesis">Multicoin Thesis</h2>Jain framed the bet around growing concerns over wealth seizures and financial surveillance. He pointed to California Initiative 25-0024, a proposed 5% tax on residents holding over $1 billion in net worth.He argued on X that Bitcoin<a href="https://yellow.com/asset/btc" rel="noopener noreferrer nofollow">(BTC)</a> resists protocol-level freezes but still leaves visible holdings exposed to wealth taxes.<blockquote>Multicoin called ZEC the cleanest way to express that thesis in public markets.</blockquote>The firm's stance marks a sharp pivot from its 2019 view, when it argued privacy was a feature rather than a standalone product worth buying.About 30% of circulating ZEC now sits in shielded addresses, a record level, <a href="https://fortune.com/2026/05/06/zcash-spikes-30-after-multicoin-managing-partner-says-firm-bought-the-token-calls-it-protection-against-wealth-taxes/" rel="noopener noreferrer nofollow">reported</a> Fortune. Analysts say the figure aligns the move with adoption rather than pure speculation.<h2 id="recent-privacy-surge">Recent Privacy Surge</h2><a href="https://yellow.com/learn/zcash-zec-shielded-transparent-addresses-guide" rel="noopener noreferrer nofollow">Zcash had already gained traction</a> in late 2025 after endorsements from BitMEX co-founder Arthur Hayes, AngelList's Naval Ravikant, and Helius CEO Mert Mumtaz. The token jumped from roughly $50 in mid-September 2025 to over $700 by mid-November.An Apr. 23 listing on Robinhood widened retail access, while Grayscale's pending spot Zcash exchange-traded fund application has fueled additional speculation. The Zcash Open Development Lab also plans to roll out quantum-recoverable wallets within a month.Read Next:<a href="https://yellow.com/news/internet-computer-10-percent-gain-decentralized-cloud" rel="noopener noreferrer nofollow">Internet Computer Posts 10% Gain Amid Decentralized Cloud Push</a>

Privacy Trade Roars Back: Zcash Climbs 110% In One Month

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