A smart Zcash trader has moved 22,840 ZEC ($23 million) to Binance, apparently for liquidation, on-chain analysts say. The smart trader accumulated the massive sum since 2021, with most of the buying occurring in the first three years. The investor spent just $1.1 million on this pile, and the stash has since appreciated 20x.
Analyst Ted Pillows tweeted regarding this development:
The investor is likely to sell at current, relatively inflated prices, which will fetch them a profit of more than $21 million. They spent an average of $48 per coin, and now it is worth more than $1200 at press time.
This shows that despite recent hiccups, investing at the right time and holding on can pay off big dividends, especially with a coin with potential that has a habit of turning things around.
Case in point: ZCash itself, which spent much of 2022 and 2023 in an extended downturn that disheartened many investors. It generally averaged $30–$90 during this time and showed little motivation to move upwards significantly, locking investors in place.
 
ZCash Shines After Long Contraction
ZCash’s prolonged troubles were attributed not just to the coin itself but to the segment it was targeting, too. It is a privacy token that can potentially hide the holder’s identity by protecting public addresses.
There are two wallet options available within the ZEC ecosystem: public addresses starting with t and privacy-focused addresses starting with z or u. The latter enables anonymous transactions and has drawn the ire of world governments, especially the USA, which enacted a ban on these privacy tokens, including ZCash, Monero, and others, a few years back.
However, eventually, the use case of these tokens, especially ZEC, grew, and now it is trading above $1,000 amid renewed interest in it.
The Future
However, the timing and nature of the recent ZEC rise resemble a classic profit-taking situation, especially the strong move to the psychological $1,000 level. This whale, which has seen over a 20x price increase, is selling, so it is logical to assume a market correction in the near future that could create a better buying opportunity.
However, these moonshots are easier said than done and require a lot of patience, as investors have to ride the highs and lows along the way in a journey that can take several years.
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