Zcash extended a sharp rally from the low-500 USDT area to above $600, with reports citing a 40% spike, a 23.88% 24-hour gain, and more than 69% gains over seven days, likely reflecting different timeframes. During the move, Zcash briefly overtook Monero by market capitalization. The rally was linked to Multicoin Capital co-founder Tushar Jain’s disclosure that the firm had quietly accumulated a significant ZEC position since early 2024, while $46.7 million in short positions were liquidated, adding buying pressure. Separate reporting showed the squeeze affecting individual traders as well: a whale deposited 4.997 million USDC into HyperLiquid to avoid liquidation on an 18,286 ZEC 10x short that was showing more than $2.36 million in unrealized losses, with a latest liquidation price of $855.34. The same trader also held a 61.69 BTC 21x short.