The interesting part here is that ZEC's shielded supply remains hovering near all-time highs, which signals that privacy adoption stays robust. Those dips you see aren't about privacy losing traction—they're just short-term traders doing what they do best: rotating in and out.

What really matters is the foundation underneath. You need a solid core of long-term believers who actually believe in the privacy narrative, and this data pattern shows exactly that. The shielded supply staying elevated tells you people aren't abandoning privacy; they're holding it. Meanwhile, the daily noise from traders doesn't change the underlying story.

That's the kind of structural strength that separates projects with real conviction from those living day-to-day.