Ethereum co-founder Vitalik Buterin cautioned the Zcash community against token-based governance as ZEC dropped 22% in a day.
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Zcash

ZEC
$364.1



24h volatility:
20.1%


Market cap:
$5.99 B



Vol. 24h:
$1.10 B



recorded a whopping 22% fall within a single day, as prices dropped toward the $360 zone. The crash put pressure on traders who entered aggressive positions at higher levels and turned what once looked like a breakout to $10,000 into a deep correction.

A notable wallet that opened a massive long position of 20,386 ZEC ($7.3 million) only nine days earlier is now deep under water, locked in $4.4 million of unrealized losses. As per Lookonchain, to avoid liquidation, the trader deposited another 1.5M USDC.

The trader 0xCF90 who went long on 20,386 $ZEC($7.3M) 9 days ago is now sitting on over $4.4M in unrealized losses!

To avoid liquidation, he deposited another 1.5M $USDC to Hyperliquid 2 hours ago.https://t.co/RClzPzgk9i pic.twitter.com/t0fbuE1PI7

— Lookonchain (@lookonchain) December 1, 2025

ZEC Price Analysis: Under $200?

ZEC is trading almost 94% beneath its all-time high, seen over nine years ago. The pullback saw the altcoin breaking below the ascending trendline on the chart and leaving traders to reassess short-term expectations.

Interestingly, analyst Crypto Patel, who previously alerted followers about the risks above the $700 area, pointed out that discipline rather than hope drives survival during drastic reversals. He now expects ZEC to reach under $200 after multiple price pullbacks.

UPDATE: $ZEC Short Wins: How I Warned You Before the Crash

Currently trading around $351, down ~50% from my entry warning above $700.

Reminder: I repeatedly said not to enter longs at $700+ due to high risk. If you avoided chasing FOMO, you saved capital. If you took a short at… https://t.co/r9JZh13oFE pic.twitter.com/lPUuEqWoml

— Crypto Patel (@CryptoPatel) December 1, 2025

Patel also expects a relief bounce toward $400–$450 before any deeper crash. The chart below shows a decisive break beneath trend support as the supply zone between $700 and $800 remains untouched after the rejection.

The psychological support appears near $300, but a failure there increases the probability of a drop below the $200 area.

ZEC price action inside a rising wedge | Source: TradingView

Vitalik Buterin’s Warning

Ethereum co-founder Vitalik Buterin urged the ZEC community to resist token-based governance and argued that such models concentrate influence and weaken safeguards that protect privacy.

I hope Zcash resists the dark hand of token voting.

Token voting is bad in all kinds of ways (see https://t.co/Cvl7CFVgtc ); I think it’s worse than Zcash’s status quo.

Privacy is exactly the sort of thing that will erode over time if left to the median token holder. https://t.co/NbRqGLOrpj

— vitalik.eth (@VitalikButerin) November 30, 2025

He drew attention to how decisions driven by median token holders tend to prioritize short-term incentives rather than core principles. For a project that is focused on privacy, the governance model determines whether the protocol stays true to its roots.

ZEC Crash Nears: PEPENODE Presale Hits $2M Mark

While ZEC traders face losses, PEPENODE, an innovative crypto project, is entering the market spotlight with a brand new approach to digital asset mining.

PEPENODE allows users to build their own virtual meme coin mining rigs and gives them a digital space where mining plays out more like a personal project. Users can shape their own setup, adjust it, and watch it grow at their own pace.

While blending personal progression with token utility, PEPENODE has raised a whopping $2.2 million in its ongoing presale, with 30 hours until the next price increase. With staking rewards at 579%, early backers stand to gain the most.

Want to buy PEPENODE in the ongoing crypto presale? Learn more about the project alongside the token’s price prediction on Coinspeaker.

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