On Oct. 31, the price of privacy-focused cryptocurrency Zcash (ZEC) surged over 10% to reach $388—its highest level in more than seven years. The rally pushed its seven-day gains to over 50% and lifted its market capitalization past $6 billion, briefly overtaking Monero as the leading privacy coin, according to Coingecko.

In October alone, ZEC’s market cap jumped nearly 300%, rising from $1.54 billion to $6.25 billion (Oct. 31, 11.13 a.m. EST). While earlier gains were linked to Grayscale’s launch of the Zcash Trust and technical upgrades, the latest spike is being attributed to social media endorsements from Arthur Hayes and Ansem, a prominent influencer with nearly 800,000 followers on X.

Shortly after ZEC crossed $380, Ansem likened buying it at that price to buying Bitcoin when it was $380. Hayes went further, predicting ZEC could reach $10,000. Their posts ignited debate online, with critics accusing them of using their platforms to artificially inflate the coin’s value.

One user claimed, “The recent move in $ZEC from $265 to now is entirely driven by noise from Arthur Hayes and Ansem… They’re clearly shilling the top.”

Others warned retail investors to avoid chasing the rally, suggesting market makers had pumped the coin and were preparing to exit.

“Market makers have pumped this project, made sure retail bought their bags and are now exiting. They are getting ready to give this project the kiss of death. Lives will be ruined. Do not long this. That is financial advice,” one user cautioned.

• Why did Zcash (ZEC) surge in price? ZEC jumped over 10% after endorsements from Arthur Hayes and Ansem on social media.
• How much did ZEC’s market cap grow in October? It rose nearly 300%, from $1.54 billion to $6.25 billion.
• Which privacy coin did ZEC briefly overtake? ZEC briefly surpassed Monero to become the top privacy coin by market cap.
• What are critics saying about the rally? Some claim market makers and influencers artificially pumped ZEC and may soon exit.

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