ZEC’s Historic Rally and Collapse: What Drove the $7 Billion Wipeout

TLDR: ZEC surged over 700% from sub-$50 levels, briefly hitting $750 and nearing a $10 billion market cap in 2025. Winklevoss Capital and Cypherpunk Technologies poured over $76 million into ZEC during the peak privacy narrative rally. Zcash DeFi TVL collapsed from $30 million to under $2 million weeks before the governance crisis became public [...]

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