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Privacy coin circle has experienced a sudden upheaval in the past week. The development team behind Zcash suddenly faced collective turmoil, with over 25 core members resigning, completely shattering the project's confidence foundation. The root cause of this conflict ultimately lies in differing visions—disagreements between project management and the development team about the future direction became the final straw.
Market reactions were straightforward. ZEC responded with a drop, falling 17% within 7 days. Interestingly, this selling pressure did not lead to capital exiting but instead sought alternatives. Dash took the opportunity to rise, with a 74% increase during the same period, becoming the main recipient of this displaced capital. Monero also shared in the gains.
Data shows that this shift is not a false alarm. In the past 24 hours, Dash's trading volume doubled, now reaching $1.2 billion, accounting for 130% of its circulating market cap. What does this surge in trading volume mean? Buying pressure is rapidly accumulating, and a more aggressive short squeeze is likely to unfold.
Technical analysis also indicates the same. On the daily chart, Dash has risen for three consecutive days and, supported by strong trading volume, broke through the multi-month resistance at $58. Once this level stabilizes, the upward potential opens up. Based on target price projections, the short-term target is $125, with a medium-term goal of $250. This implies a potential increase of 233% from the current price.
Does this forecast sound crazy? But don’t forget Zcash’s performance last year—an annual increase of 827%. If all the buying interest flowing out of ZEC now shifts to Dash, it is entirely possible for this coin to reach multi-year highs in the coming weeks. This is also why more and more investors are starting to focus on such more stable and privacy-focused projects.
This shift in the crypto market reflects a very simple core logic: projects with fundamental issues, no matter how bright they appeared initially, cannot withstand the reallocation of funds in the end.