According to CoinMeta, co-founder Chun Wang stated that the latest rise in Zcash ( ZEC ) is driven by narrative rather than real fundamental growth. Zcash has risen by 125% in the past 30 days, with a market value exceeding $19.48 billion. Wang pointed out that although Zcash's market value is close to $19.4 billion, this does not necessarily reflect its actual usage and fundamentals. He also expressed concerns regarding the governance of Zcash, privacy, and Orchard security issues. The rise in Zcash was driven by multiple factors, including Grayscale's US spot Zcash ETF, supply tightening, and short covering, but Wang believes that these factors do not prove an enhancement in network usage or fundamentals.