I saw some claims that ZEC's price surge is related to whales laundering money through Zcash. While this can't be directly confirmed, looking at Zcash's on-chain data, the demand for privacy has indeed seen significant growth. The most critical data point is that Zcash's Shielded Pool now holds over 5 million ZEC, accounting for more than 30% of the total supply. The growth of the Shielded Pool has accelerated significantly since the second half of 2024, and in October this year, there was even a vertical spike—from 3.88 million ZEC on October 1st to over 5 million ZEC now, a roughly 30% increase. The increase in daily ZEC transaction volume on the Zcash chain also correlates somewhat with the token's price movement. Since late September, the Zcash chain has seen over 1 million ZEC transferred daily, with some days reaching 4–6 million ZEC. Before this, the daily average was less than 500,000 ZEC.