Privacy coin Zcash has plummeted in recent weeks, falling by double-digits month-on-month amid turmoil and executive departures at the nonprofit that created and supports the project.
Zcash is currently trading at $363.10, up 0.5% on the day according to CoinGecko data.
On prediction market Myriad, owned by Decrypt’s parent company Dastan, users flipped bearish on the cryptocurrency this week, placing a 61% chance on Zcash's next move taking it to $250 rather than $550—up from lows of 37% last week.
The turbulence follows what had been an unusually strong year for Zcash, which ranked among the top-performing major cryptocurrencies of 2025, rising over 636% year-on-year and overtaking rival privacy coins like Monero.
Zcash’s price tumbled in the immediate aftermath of the Electric Coin Company—the organization that created and continues to support the protocol—losing its entire core team earlier this month.
Former CEO Josh Swihart claimed the board of Bootstrap, the nonprofit created to support Zcash by governing the Electric Coin Company, had “moved into clear misalignment with the mission of Zcash,” announcing that he and his former colleagues would launch a new project aimed at “building unstoppable private money.” The board, in response, said the disagreement was due to differences of opinion surrounding it potentially transitioning into a for-profit enterprise.
The project, cashZ, is expected to focus on full-stack Zcash development, including a new Zcash-focused wallet, though further details remain limited. The project is currently enrolling for earlier access.
Other Zcash-adjacent efforts are also gaining momentum. Shielded Labs, an independent Zcash development group that includes founder Zooko Wilcox as a contributor, recently received approximately $1.16 million in funding from Gemini and Facebook founders Tyler and Cameron Winklevoss.
Meanwhile, the Electric Coin Company is under new leadership. Earlier this month, ECC appointed Steve Smith as interim CEO following nearly three years at Worldcoin developer Tools for Humanity, which is backed by OpenAI CEO Sam Altman.
The appointment drew criticism on social media, with some tweeting that bringing in an executive from Worldcoin—a project which has been criticized by privacy advocates for its biometric-data-based token distribution—was an uneasy fit for a privacy-focused cryptocurrency like Zcash.
Decrypt has reached out to the ECC for comment regarding the appointment.
What does the future hold for Zcash?
Illia Otychenko, Lead Analyst at exchange CEX.IO, highlighted issues with Zcash’s fundamentals, pointing out a clear decline in network activity on its blockchain since its peak in November 2025.
“Transparent transactions are down roughly 79%, and Shielded (Orchard) transactions have fallen about 60% from their November peak,” he told Decrypt. Otychenko noted that most of Zcash’s on-chain metrics remain elevated compared to before its September 2025 rally levels, with network fees even reaching an all-time high this month.
“This suggests residual demand is still present, which could support prices in the short term.”
The analyst believes that Zcash’s longer-term performance will hinge on how its management can execute its plans.
“Even with new leadership, the real impact will depend on the specific roadmap they set and how they balance growth with preserving Zcash’s privacy ethos,” he told Decrypt.
Though he believes that offshoot projects like cashZ can be positive for the broader Zcash ecosystem, any lasting impact will “depend on whether it drives meaningful adoption or solves real user needs.”
“Zcash’s price is primarily driven by a combination of on-chain activity, network utility, and market and privacy narratives,” Otychenko added.
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