Zcash (ZEC) Social Buzz Vanished Before Its ETF Even Launched: Data

Zcash has been one of the best-performing assets this year. It has managed to attract significant institutional capital. This week, asset manager Grayscale Investments launched the first exchange-traded fund that tracks the spot price of $ZEC.

But interest in the privacy-focused token peaked shortly before its price reached a recent high.

Zcash Crowd Showed Up Early

Data shared by Santiment revealed that social chatter faded by the time the $ZEC spot ETF launched. Grayscale converted its 2017 Zcash trust into a spot ETF, which began trading on NYSE Arca on August 25.

Ahead of the launch, the asset climbed from around $509 on August 18 to about $878 on August 23, posting a gain of roughly 72%. Social mentions reached 232 on August 22, which is around six times the usual August baseline. However, that surge in attention did not last.

Mentions had returned to their baseline level by the ETF’s launch day. According to Santiment, social activity peaked one day before $ZEC’s price high, which suggested that much of the crowd interest arrived ahead of the market’s high.

Since reaching about $878, the token has pulled back to roughly $789, a decline of around 10% from the recent peak.

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