ZCash (ZEC) Soars 1,500% — Analysts Warn of Miner Euphoria as Puell Multiple Hits Record
🕵️♂️ ZCash Ignites a 1,500% Rally — But Is the Privacy Coin Entering “Euphoria Phase”?
ZCash (ZEC) just pulled off one of the wildest moves in crypto this year — up 1,500% year-over-year and another 30% in 24 hours, blasting past $714. But according to on-chain data, ZCash may be heating up too fast. Miner profitability just hit an all-time high, triggering what analysts call a classic “euphoria zone” signal.
🚀 Miners Are Printing — Puell Multiple Hits Record High
On November 7, Joao Wedson, CEO of Alphractal, warned that ZCash’s rally is entering “overheated” territory. The culprit? The Puell Multiple — a key on-chain metric comparing daily coin issuance value to its one-year average — has spiked to record levels.
“The ZCash Puell Multiple has reached a new all-time high. Miner profitability is off the charts,” said Wedson. “This usually precedes either a consolidation phase… or another parabolic rise.”
Translation: miners are earning way above average, a sign of extreme optimism that often marks late-stage bull phases.
⚡ Hash Rate Surge Confirms the Hype
ZCash’s network Hash Rate — the total computational power securing the chain — has also exploded, signaling miners are doubling down. In Bitcoin and other Proof-of-Work networks, Hash Rate spikes typically accompany long-term uptrends.
That means this rally isn’t just hot air — it’s backed by real network participation. Still, the higher the Hash Rate, the greater the temptation for miners to lock in profits, adding volatility risk at these levels.
📈 $714 and Climbing — Or Peaking?
At around $714, ZEC has reclaimed a top-20 market-cap slot. Wedson’s earlier projection pegs the next potential target at $1,650, a 130% upside — but that would also mark full-blown euphoria.
For traders, that’s both exciting and dangerous territory:
- 📊 Upside momentum — as long as miner profitability holds.
- ⚠️ Pullback risk — if the Puell Multiple cools or profit-taking accelerates.
Historically, such extreme readings precede short-term corrections or multi-week consolidations before the next leg higher.
🧩 Why It Matters
ZCash’s renaissance isn’t just about price — it’s about privacy’s comeback. As regulators tighten grip on mainstream crypto rails, privacy coins like ZEC are reclaiming cultural relevance as tools for financial sovereignty.
This rally could reignite the entire privacy-asset narrative, positioning ZCash as the cypherpunk counterweight to Bitcoin’s institutionalization.
⚡ TL;DR
- ZCash up 1,500% YoY, now trading near $714.
- Puell Multiple and Hash Rate both hit record highs → miner euphoria.
- Analysts warn of “overheating” but see possible push toward $1,650.
- Privacy-coin narrative revives as ZEC outperforms broader market.
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