Zcash Eyes $780 as Winklevoss Twins Launch Cypherpunk Treasury
- The Winklevoss twins unveil Cypherpunk, a Zcash Treasury Company.
- Cypherpunk aims to accumulate up to 5% of ZEC’s total supply.
- The Gemini founders purchased 203,775 ZEC worth over $109 million.
- The ZEC chart shows bullish reversal signs near the $508 level.
Zcash (ZEC) takes center stage as the Winklevoss twins unveil Cypherpunk, a new Zcash Treasury Company committed to strengthening the ecosystem and advancing privacy-focused innovation. The company’s primary goal is to steadily accumulate up to 5% of the total ZEC supply, marking one of the most ambitious treasury accumulation strategies in the privacy coin sector.
This initiative highlights the twins’ continued interest in privacy-oriented digital assets and long-term ecosystem development. By creating a specialized treasury structure, Cypherpunk aims to strengthen Zcash’s financial sustainability, promote decentralized governance, and foster projects that enhance the network’s utility and adoption.
Also Read: Zcash (ZEC) Price Prediction: Strong Bullish Setup Points Toward $610 Rally
Winklevoss Twins’ $109 Million ZEC Accumulation
In a parallel move, the Gemini founders reportedly purchased 203,775 ZEC tokens valued at approximately $109.2 million. This bold move underscores their renewed confidence in privacy-focused cryptocurrencies, particularly as Zcash gains attention for its zero-knowledge proof technology and decentralized governance model.
The large-scale acquisition indicates an increasing institutional interest in privacy coins, which faced regulatory issues but remain a vital component for financial privacy. Market experts also keep a close watch to see whether this transaction might catalyze renewed buying in ZEC’s price in the crypto investment community.
ZEC Price Shows Potential for Upward Momentum
Technical analysis reveals that ZEC is displaying potential for a breakout, trading at approximately $508.34. The graph is displaying an indication of an inverse head and shoulders formation, indicating the end of a downtrend phase for ZEC. The left shoulder is marked at approximately $485, the head at $400, and at present, it is in the process of making the right shoulder slightly above the previous low point.
The resistance zone between $485 and $545 is strong, which is a sign of strong accumulation of ZEC’s value in this zone. For ZEC to initiate strong buying sentiments, it would have to break above this neckline region of $525 to $545.
The zone of resistance after this break would be between $780 and $800, which projects an increase of more than 50% in value for ZEC; otherwise, a fall below $485 might slow down this buying momentum to below $450 or $400 in value.
Also Read: Zcash (ZEC) Eyes $575 Short-Term Target with Rising Buying Pressure
