Zcash rally faces criticism over $1,130 price

• Zcash (CRYPTO:ZEC) has traded near $1,130 after gaining more than 2,300% over 12 months.
• F2Pool co-founder Chun Wang has criticised Zcash’s funding, governance and privacy model during the rally.
• Zcash’s market value has reached about $19 billion, placing it among the cryptocurrency market’s top 10 assets.

Zcash (CRYPTO:ZEC) has traded near $1,130 after gaining more than 2,300% over the past 12 months.

The rally has pushed Zcash into the cryptocurrency market’s top 10, with its market value reaching about $19 billion.

F2Pool co-founder Chun Wang has criticised Zcash’s funding structure, governance history, privacy model and recent security issues.

Wang has called the rally a “narrative bid” and has questioned whether Zcash’s fundamentals have supported its valuation.

Zcash originally directed 20% of block rewards to its Founders’ Reward, which ended with the Canopy upgrade in November 2020.

Developers later disclosed a vulnerability in the Orchard shielded pool but found no evidence that it had been exploited.

Zcash activated Ironwood in July to replace Orchard, while shielded ZEC has continued to gain adoption across the network.

At the time of reporting, Zcash price was $1,186.70.