Interesting phenomenon. Zcash's market cap surged 15 times from September 22 to November 16, and the topic was very hot at that time. However, the past two months have been a bit painful—the coin price has already retraced about 40%.

Data firm Santiment uncovered a detail: since November, the project's development activity has dropped to its lowest level since 2021. This is not a good sign. Generally speaking, mainstream projects that can stand out require continuous development iterations to maintain popularity. Once the development speed significantly slows down, it can easily indicate that the project's momentum is waning. Short-term price spikes can attract attention, but whether it can be sustained in the long run ultimately depends on the depth of its fundamentals.