This round for ZEC is no longer just about the privacy coin hype. Up over 130% in the past 30 days, its market cap has surged into the top 10, with over 60% of the privacy sector's market cap now concentrated in ZEC. Behind this, aside from short squeezes, the bigger drivers are Grayscale ETF, institutional channels, and supply contraction pushing up the price. On the other hand, OGs like Wang Chun and Shenyu are throwing cold water on it, questioning its governance, security, and the true 'privacy coin' label.