Halving dynamics, rising shielded usage, and the NU6.1 governance model transformed Zcash from a quiet, overlooked token into the most-searched cryptocurrency of November.
Key Points
- Zcash surged more than 10x in a matter of weeks, briefly returning to large-cap status with a valuation above $10 billion.
- On Coinbase, ZEC became the most-searched asset in mid-November, surpassing Bitcoin and XRP.
- The rally is supported by structural changes: the 2024 halving, rapid growth in shielded balances, and the NU6.1 on-chain funding system.
- Analysts remain split: some call the move an unsustainable blow-off top, while others view it as a fundamental repricing driven by renewed interest in compliant privacy technology.
From Quiet Token to Search Leader
For most of recent years, Zcash sat in the background while Bitcoin, Ether, XRP, and waves of memecoins dominated attention and trading activity. Few expected ZEC to become a major theme in this market cycle.
That changed rapidly in November.
Within days, Zcash climbed to the top of Coinbase’s search rankings. A screenshot shared by Zcash adviser Thor Torrens showed ZEC receiving about 52,000 searches, ahead of XRP at 41,000 and Bitcoin at 39,000. Meanwhile, the token had already posted a four-digit percentage gain over the past year, briefly returning to the large-cap category.
For a cryptocurrency many assumed was a relic of an earlier privacy era, the sudden interest raised an obvious question: how did ZEC move from low-profile to most-searched so quickly?
How Zcash Faded Into the Background
For those who lost track of it, Zcash launched in 2016 as a Bitcoin-like proof-of-work asset with a 21 million fixed supply and zero-knowledge proof technology. Users could choose between transparent and fully shielded transactions—maintaining privacy while still enabling verification.
Early on, Zcash was seen as an innovative, research-driven project backed by prominent cryptographers. But as regulatory scrutiny around privacy coins increased, major exchanges delisted or restricted them. Monero emerged as the default choice for privacy-focused users.
Over time, ZEC dropped down the market-cap rankings, trading volumes thinned, and social activity declined. By early 2024, despite two halvings and multiple upgrades, it looked like a legacy token more connected to past narratives than the current market cycle.
The Slow Foundation: Supply Cuts, Shielded Growth, and NU6.1 Governance
Zcash’s spike did not appear randomly. Several long-term developments were overlooked by much of the market.
1. The 2024 Halving
The latest halving on Nov. 23, 2024, reduced block rewards from 3.125 ZEC to 1.5625 ZEC, cutting new issuance from roughly 3,600 coins per day to around 1,800. With halvings now on a shorter post-Blossom schedule, ZEC began attracting attention as a potential “sound money” asset.
2. Rapid Shielded Adoption
Coinbase research highlighted major growth in shielded usage. Over the past year, balances in shielded pools climbed from about 1.7 million to roughly 4.5 million coins, with more than 1 million coins shifting into shielded addresses during a three-week period.
Over 27% of the circulating supply is now shielded. At peak, shielded balances briefly exceeded 5 million coins—indicating real usage rather than speculative flow.
3. NU6.1 Governance Model
The NU6.1 upgrade, activated on Nov. 24, 2025, allocates:
- 8% of block rewards to community grants
- 12% to a coinholder-controlled fund
This gives ZEC holders direct influence over millions of dollars in development capital through the next halving in 2028.
Together, these factors laid the groundwork for renewed interest long before November’s surge.
A Changing Privacy Landscape: Monero Exploit and New AML Rules
Zcash’s revival was also shaped by external events.
A significant exploit in Monero raised concerns about the sector’s default privacy option. Commentators began searching for alternatives with active governance, a clear upgrade path, and fewer regulatory red flags.
At the same time, global regulators tightened oversight of opaque financial flows. Stronger AML enforcement, stricter Travel Rule requirements, and scrutiny of mixers made fully anonymous systems harder to defend.
Zcash’s optional privacy and auditable view-key model appealed to compliance-concerned institutions, positioning it as a “responsible” privacy coin.
With Monero stumbling and privacy returning as a major narrative, ZEC had the right story at exactly the right time.
What Coinbase Search Data Reveals
According to figures shared by Torrens, Zcash logged around 52,000 searches on Coinbase during mid-November—outpacing both XRP and Bitcoin. Social data from X and Reddit also showed a sharp rise in mentions.
This was a clear signal: retail traders were paying attention again.
Blow-Off Top or True Repricing?
From late September to early November, ZEC rose from the mid-$70s to above $700, surging more than 1,000% this fall and over 500% in a month before retracing about 30% from its highs.
Coinbase reported that Zcash futures volume reached nearly $10 billion on Nov. 7, while derivatives platforms saw growing open interest as speculation increased.
These metrics resemble past altcoin mania phases.
Yet some analysts argue that November’s rally represented a fundamental repricing instead of pure hype. Issuance has been halved, shielded usage is rising, and NU6.1 offers a clearer funding roadmap.
Whether this is a temporary spike or a reset into a higher price range remains uncertain.
What Zcash’s Surge Signals About Crypto Narratives
Zcash’s return to the spotlight reflects broader dynamics in the crypto market.
Tokens that quietly improve their fundamentals, strengthen governance, and align with emerging macro themes can reemerge when conditions shift. Privacy, compliance, and user-controlled governance became focal points this cycle, giving ZEC an unexpected edge.
Two important takeaways stand out:
- Exchange search data is a leading indicator of retail interest, often peaking as FOMO builds.
- Crypto themes are cyclical. A token written off one cycle can resurface the next if fundamentals evolve and narratives shift.
Zcash’s November moment shows that forgotten categories in crypto may still have room to return.
