WATCH

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.

Score
101/250
135th of 251
Percentile
46.6%
of the rated universe
Circulating
79.9%
20.1% of value still to vest
Off all-time high
-84.4%
6.4x to recover
ZcashNative L1+6 since last pass
01

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.

02

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

Cash flow variables for ZEC, scored 1 to 10 and ranked against 251 tokens
Protocol Revenue
398th of 251
Revenue Trend
3117th of 251
P/S Multiple
4104th of 251
Real Staking Yield
2199th of 251

Supply

Supply variables for ZEC, scored 1 to 10 and ranked against 251 tokens
Supply Inflation
561st of 251
Vesting Schedule
659th of 251
Circulating / FDV Ratio
746th of 251
Buyback and Burn
2114th of 251

Ownership

Ownership variables for ZEC, scored 1 to 10 and ranked against 251 tokens
Smart Money Flows
493rd of 251
Insider Selling
4151st of 251
Holder Concentration
458th of 251

Traction

Traction variables for ZEC, scored 1 to 10 and ranked against 251 tokens
TVL Trend
2189th of 251
Active Users
3149th of 251
Developer Activity
583rd of 251
Network Growth
3156th of 251

Position

Position variables for ZEC, scored 1 to 10 and ranked against 251 tokens
Market Share
487th of 251
Competitive Moat
557th of 251
Institutional Adoption
471st of 251
Exchange Depth
637th of 251
Social Mindshare
486th of 251

Risk

Risk variables for ZEC, scored 1 to 10 and ranked against 251 tokens
Regulatory Safety
3237th of 251
Catalyst Calendar
490th of 251
BTC Alpha Potential
513th of 251
Team Execution
4147th of 251
Treasury Runway
574th 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.

03

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

04

Market and supply

Price$496.43
Market cap$8.33Brank 15
All-time high$3,19228 Oct 2016
Circulating supply16,784,705
Eventual supply (max supply)21,000,000
Dilution to full supply1.25x
Listed onBinance, 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.

05

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.

06

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.

07

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.