Whale shorts ZEC, losing $25.7 million in three months! 🔥 ZEC surged from $400 to nearly $1,200, overtaking Dogecoin in market cap! This “shorting operation” was brutal: coordinated accumulation by mining pools + the Grayscale ETF launch + $34.5 million in short positions liquidated in a chain reaction, leaving the bears completely crushed! But the daily RSI is approaching 80, indicating extreme overbought conditions. Do you think this rally has peaked, or can it surge even higher? Share your thoughts in the comments! 👇

1. Price action: ZEC’s recent performance has been nothing short of “crazy.” It rocketed from $400 over the past three months, approaching the $1,200 mark on September 6 and reaching an eight-year high. Its market cap briefly surpassed Dogecoin (DOGE), ranking ninth in the crypto market.
2. The “shorting operation” (short squeeze): This surge was driven by an extreme short squeeze. Prominent whale Garrett Jin opened a short position on 32.76k ZEC at $444 in early July, and his unrealized loss has now soared to $25.7 million. Another whale lost more than $20 million shorting ZEC within 20 days.
3. The forces behind the move:
● Institutional and mining pool coordination: Leading mining pools such as Foundry USA and ViaBTC are suspected of coordinating their accumulation, alongside deep involvement from institutional capital including Grayscale.
● Chain liquidations: When ZEC broke through $1,000, approximately $34.5 million in short positions were liquidated, forcing bears to buy and driving the price higher.
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