ZEC risk is more classical and more lethal. Its problem is not the 'unlocking selling pressure', but the unsustainability of the entire POW economic model under high valuations.
It is undergoing a stress test: can market sentiment and celebrity effects overcome the laws of computational power in the physical world and the barren reality on-chain?
Therefore, this is by no means a value-based investment, but an extreme speculation on the 'vitality of narratives'. It is only suitable for extreme risk players who can withstand very high volatility and have a deep understanding of miner economics. For most people, it is recommended to treat it as a sample to observe 'how classical crypto narratives come to an end' rather than a betting object.
The market has also seen large short positions, and Ethereum co-founder Vitalik Buterin recently warned about its governance shift to token voting, which he believes may undermine its core privacy features, increasing uncertainty for its long-term development.
If you are interested in the specific calculations of the miner economic model or the cost of a 51% attack, you can continue to dig deeper. $ZEC
