Key Takeaways
- JAN3 CEO Samson Mow has called Zcash an “obvious pump and dump” after ZEC’s extraordinary 2026 rally.
- ZEC has climbed from below $50 a year ago to above $1,000 this month, a gain of more than 2,000%.
- Mow also rejected the increasingly popular argument that artificial intelligence strengthens the investment case for privacy-focused cryptocurrencies.
- Zcash’s rally has been accompanied by billions of dollars in derivatives trading, institutional products and growing use of shielded transactions.
JAN3 CEO Samson Mow has dismissed Zcash’s explosive rally as an “obvious pump and dump,” pushing back against one of crypto’s biggest trades of 2026 and the growing narrative connecting privacy coins with artificial intelligence.
Mow, a prominent Bitcoin advocate, made the comments while discussing recent developments surrounding the Liquid Network exploit.
“Zcash is such an obvious pump and dump and AI needs it like it needs a rubber tire,” Mow wrote.
The criticism comes after ZEC delivered one of the largest rallies among major crypto assets this year.
Zcash Has Risen More Than 20-Fold
Zcash (ZEC) traded below $50 around a year ago but crossed $1,000 on Sept. 6, marking its highest level in nearly a decade. The move represents an increase of more than 2,000% from year-ago levels and pushed ZEC into crypto’s top tier by market capitalization.
The rally has not been orderly.
In August, ZEC jumped almost 40% in a single day to above $800. At the time, futures volume reached roughly $4.55 billion, compared with just $553 million in spot volume, while open interest stood near $1.35 billion. The heavy derivatives activity showed how leveraged speculation was contributing to the move.
ZEC had already demonstrated the downside of that volatility in June. Disclosure of a four-year-old vulnerability in its Orchard-shielded pool helped send the token down nearly 50% in 24 hours. Roughly $118 million of ZEC futures positions were liquidated during the decline.
The vulnerability was subsequently patched.
Zcash Social Buzz Surged 183% During August Rally
Separately, according to Santiment, Zcash’s August rally was accompanied by a disproportionately large surge in market attention, with ZEC’s social dominance averaging 183% above its pre-rally level in the 10 days after Aug. 19.
By comparison, Hyperliquid increased by 44%, while
Bitcoin and Ethereum recorded much smaller gains of about 12% and 8%, respectively. Santiment said the rally was less a synchronized market-wide surge in attention than a “queue,” with interest rotating between individual assets and ZEC’s social attention peaking on Aug. 22.
Mow Rejects Zcash’s AI Privacy Trade
Mow’s second criticism targets a narrative increasingly used to explain Zcash’s resurgence: AI makes financial privacy more valuable.
Supporters argue that increasingly sophisticated machine-learning systems can analyze transparent blockchain activity and identify transaction patterns, making cryptographic privacy more important.
That argument has gained traction alongside measurable growth in Zcash’s private usage. Shielded transactions reached a record 59.3% of Zcash activity in February 2026, while more than $1.5 billion in cumulative ZEC volume had moved through NEAR Intents by the end of March.
Institutional access has expanded too. Zcash’s rally accelerated around the development of regulated investment products, while corporate buyers have accumulated significant ZEC positions.
Mow, however, appears unconvinced that either the AI narrative or Zcash’s price appreciation establishes durable demand.
His “pump and dump” characterization remains an opinion rather than evidence of coordinated market manipulation. But ZEC’s numbers show why the debate has intensified: a token that was worth less than $50 a year ago has now crossed $1,000, while derivatives volumes have at times dwarfed spot trading volumes.
Whether that represents renewed demand for financial privacy or a highly leveraged narrative trade is now the central question hanging over Zcash’s extraordinary comeback.
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Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.
Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.
