Zcash (ZEC)
Pioneer privacy coin with strong cryptography; Zcash halving occurred 2024 but Deshielding activity and regulatory pressure weigh heavily.
Ranked 135th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
ZEC scores 101 of 250 across the 25-variable framework, which places it 135th of 251 rated tokens and inside the lower half of the set. The framework verdict is WATCH.
The score rests on BTC Alpha Potential 5/10, 13th of 251, Exchange Depth 6/10, 37th of 251, Circulating / FDV Ratio 7/10, 46th of 251 and Competitive Moat 5/10, 57th of 251.
Against the same universe, ZEC sits in the bottom third on Regulatory Safety 3/10, 237th of 251, Real Staking Yield 2/10, 199th of 251 and TVL Trend 2/10, 189th of 251. These are the variables that would have to move for the verdict to change.
Only 79.9% of ZEC's maximum supply is in circulation, so 1.25x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 20.1% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
ZEC trades 84.4% below its all-time high of $3,192. Recovering that level is a 6.4x move, not a 84.4% one, which is the arithmetic most drawdown charts hide.
The framework score gained 6 points against the previous pass (95 to 101). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 3 | 117th of 251 | |
| P/S Multiple | 4 | 104th of 251 | |
| Real Staking Yield | 2 | 199th of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 4 | 151st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 3 | 156th of 251 |
Position
| Market Share | 4 | 87th of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 3 | 237th of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 4 | 147th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
ZEC halving reduced miner emissions; ECC focus on proof-of-stake transition and shielded transaction growth
Principal risk
Regulatory delistings accelerating; most ZEC transactions are transparent not shielded; Monero preferred by privacy community; ECC funding concerns
Market and supply
| Price | $496.43 |
| Market cap | $8.33Brank 15 |
| All-time high | $3,19228 Oct 2016 |
| Circulating supply | 16,784,705 |
| Eventual supply (max supply) | 21,000,000 |
| Dilution to full supply | 1.25x |
| Listed on | Binance, Kraken, Gemini, Coinbase |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to ZEC measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Zcash Halving Tracker] Zcash completed its second halving in November 2024 reducing block reward from 3.125 ZEC to 1.5625 ZEC
- [Zcash Metrics] Only ~20% of ZEC transactions use shielded addresses despite that being the privacy feature
- [Coindesk] Multiple exchanges including Binance delisted ZEC in various regions due to regulatory pressure on privacy coinslink dead, claim unverified
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.
Common questions
- What is the Early Thunder score for Zcash (ZEC)?
- ZEC scores 101 out of 250 on the 25-variable framework, ranking 135th of 251 rated tokens (lower half). The framework verdict is WATCH.
- What are ZEC's strongest fundamentals?
- ZEC ranks highest on BTC Alpha Potential 5/10, 13th of 251, Exchange Depth 6/10, 37th of 251, Circulating / FDV Ratio 7/10, 46th of 251 and Competitive Moat 5/10, 57th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the ZEC thesis?
- ZEC scores in the bottom third of the universe on Regulatory Safety 3/10, 237th of 251, Real Staking Yield 2/10, 199th of 251 and TVL Trend 2/10, 189th of 251. The single risk carried on the scorecard is: Regulatory delistings accelerating; most ZEC transactions are transparent not shielded; Monero preferred by privacy community; ECC funding concerns
- How much ZEC supply is still to enter circulation?
- 79.9% of eventual ZEC supply is circulating today, leaving 1.25x the current float still to arrive. At a flat price per token that is 20.1% of fully diluted value ahead of current holders.
- How far is ZEC from its all-time high?
- ZEC trades 84.4% below its all-time high of $3,192. Returning to that high requires a 6.4x move from the level used in this scoring pass.
- Which tokens have a similar profile to ZEC?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to ZEC are QNT (116), APE (102), MANA (66) and SAND (58). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for ZEC?
- ZEC halving reduced miner emissions; ECC focus on proof-of-stake transition and shielded transaction growth
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.