That all true unless you invert the interpretation. What if Zcash is a good SoV & it’s “wedge” against Bitcoin is privacy, quantum resistance, formal verification, some tachyon scaling, & general lack of ossification. Zcash given the decade of humiliation running its own PoW chain also has the closest origin story to Bitcoin’s immaculate conception as you could get. In this environment as quantum gets closer and closer & government overreach only extends - Zcash can finally get monetary lindy. ^^ in this framework, privacy is important to why Zcash rallied but it’s not the entire reason. For a handful of other equally relevant reasons, Zcash is ascendant With this perspective you can rewrite your original claim from “Zcash is riding a privacy meta” to “Zcash is so ascendant, a privacy meta is tailing it” ^^ I find this framing useful because it actually explains a lot. Railgun, Tornado cash, and other mixing/programmable privacy pools are doing well - but it’s not like their price action is market leading. Other private networks like Zama and Nillion are getting a bid, but again it’s not mind blowing. Finally the closest comp to Zcash, Monero, is doing really well - but it’s being notably out traded by Zcash So if you believe we’re in a SoV meta (like I do) then you buy Zcash and maybe some Pearl, then you mostly ignore all the privacy projects because they don’t have attractive money like properties. **Take note that so far this has been the winning strategy, I believe the market is confirming my perspective If you believe we’re in a privacy meta (which you could say, but it’s really secondary imo) then you’d buy Zcash, some Railgun, and some other privacy tech assets. **but please take note that this has been underperforming (unless you cherry pick sub 200mil small caps that can reprice aggressively with little real flows)