ZEC Price Surges 120% but Social Interest Remains at One-Eighth of Pre-Bottom Levels

While the Zcash (ZEC) price has risen approximately 120% since its June bottom, social media interest in the asset has not increased on the same scale.

According to data shared by Santiment Intelligence, the ZEC price rose from the $362 level seen on June 6 to $796 on August 21. Thus, the cryptocurrency gained approximately 120% in value. Most of the rally took place in the four days between August 18 and August 21.

The movement gained momentum during the period when Grayscale’s spot ETF application was on the agenda. However, a significant divergence emerged between the price increase and ZEC’s social media mention rate. This outlook indicated that the rally was not supported by broad retail investor interest to the same extent.

ZEC price surged, social volume lagged

The number of posts mentioning ZEC was much higher during the period when the price bottomed. On June 5, one day before the bottom level, 1,116 posts were recorded. On August 21, this number was only 138 posts. According to Santiment’s social volume metric, this figure corresponds to approximately one-eighth of the level prior to the bottom.

Social volume measures how much a cryptocurrency is discussed on social platforms. In the chart showing the May 21-August 21 period, the price line is seen rising while social volume bars remain low. The sharp surge in interest prior to the bottom was not repeated during the recovery process.

Consequently, the price increase in ZEC occurred without generating broad investor participation on social media. The 138 mentions on August 21 showed that the discussion level had only returned to levels seen in May. Santiment’s data revealed that although the ZEC rally was strong in terms of price, it remained quiet regarding social interest.