Zcash Shielded Supply Reaches Record 5.1 Million ZEC

Zcash (ZEC) has surged over 13% in the past 24 hours to approximately $618, defying the broader market downturn affecting Bitcoin, Ethereum, and Solana. According to BeInCrypto, this rise is attributed to Zcash's shielded supply reaching a record high of about 5.1 million ZEC, with most held in the Orchard pool. This increase aligns with Multicoin Capital's strategy of using Zcash as a privacy hedge. Additionally, the Zcash network hashrate hit an all-time high of 16.3 GH/s, indicating strong miner commitment. On the Hyperliquid exchange, ZEC is experiencing net buying pressure, contrasting with net selling in other major assets.