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Zcash Jumps Above $600 After 40% Surge, Overtaking Monero in Market Value

According to OKX market data and the source, Zcash rose above $600, briefly surpassed Monero by market capitalization, and pressured leveraged shorts, including a HyperLiquid trader who added 4.997 million USDC to avoid liquidation.

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Fact Check
The core elements of the claim are well-supported. The 40%+ ZEC price surge to ~$600 is confirmed by multiple independent sources including crypto.news, bitcoin.com, TradingView, and CoinDesk. Multicoin Capital's Tushar Jain disclosing a significant ZEC accumulation as the catalyst is confirmed across all sources. However, two specific details introduce uncertainty: (1) The $46.7M short liquidation figure appears in CoinDesk article teasers but the full CoinDesk article body cites a higher figure of ~$60M in shorts (~$62M total), suggesting $46.7M may reflect a point-in-time snapshot rather than the final tally. (2) The accumulation start date of 'early 2024' is cited by crypto.news but contradicted by the X post (DegenerateNews) and CoinDesk, which both say 'since February' — most likely February 2025. The claim's 'early 2024' framing appears to be a minority characterization. Overall the claim is substantially accurate in its headline facts but contains minor inaccuracies in the liquidation total and accumulation timeline.
Summary

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.

Terms & Concepts
  • ZEC: The native token of Zcash, a privacy-focused cryptocurrency that supports shielded transactions designed to obscure transaction data.
  • Short liquidation: The forced closure of bearish leveraged positions after rising prices breach margin or maintenance requirements, often amplifying upward price moves.
  • USDC: A U.S. dollar-pegged stablecoin designed to maintain a value close to one dollar per token.