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Privacy token Zcash (ZEC) is topping Coinbase's search charts. Thor Torrens, former U.S. advisor and a member of Zcash's advisory panel, highlighted this in a recent tweet, sharing a screenshot reflecting this.
According to the screenshot shared by Torrens, Zcash was outpacing BTC and XRP in searches, which totaled 52,000, while the latter pulled in searches of 41,000 and 39,000, respectively.
With this, Zcash has dethroned XRP, which at one point in October ranked as the most searched crypto on Coinbase as optimism around a U.S. spot ETF boosted sentiment across the market.
Zcash has been on a consistent rise since September. Its rally took a slight breather following Nov. 7's high of $744 but later gained pace.
Since Nov. 7, Zcash has marked five straight days of gains, even as the broader crypto market declined.
Zcash is up 14.19% in the last seven days, 215% in the last 30 days and up 1,498% on a yearly basis. Zcash currently trades at $691 and ranks as the 12th largest cryptocurrency with a market valuation of $11.3 billion.
Zcash to receive major upgrade
Zcash is set to undergo a major upgrade, NU6.1, expected to activate at block height 3,146,400 or on Nov. 24 (around 6:00 p.m. UTC ± 10 hours).
NU6.1 marks the eighth major network upgrade for Zcash, supported by Electric Coin Co. and the Zcash Foundation. It institutes a funding model that gives the community and coin holders distinct voices in determining what, if any, grants are provided to support Zcash’s development and community efforts.
Here, 8% of the block rewards will continue to be allocated to the ZCG for grants by and for the Zcash community. Twelve percent of the block rewards will be allocated to a fund controlled by the decisions of coin holders, seeded by the Deferred Dev Fund Lockbox. The Coinholder-Controlled Fund may be used to distribute larger grants to ecosystem participants or left at rest.
This model will be sustained until the third halving, allowing enough time to determine whether it should be changed or left for longer.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team