Zcash Surges 40% Following Multicoin Capital's Large Position Disclosure

Zcash experienced a significant surge of approximately 40% in a single session on Wednesday, briefly reaching a peak of $603 before stabilizing around $570. According to NS3.AI, this rally was triggered by Multicoin Capital's announcement of holding a substantial position in ZEC. CoinGlass data indicated that open interest surpassed $1 billion, with futures liquidations amounting to about $62 million. Additionally, Cypherpunk Technologies revealed that it has accumulated nearly 295,000 ZEC, representing 1.78% of the circulating supply.