Recently, ZEC's situation can be described as a major market drama. Once hailed as the king of privacy coins and elevated to the altar, it is now retreating step by step under the heavy blows of reality.

The trigger for the turmoil is simple— the core development team collectively shifted focus, establishing a new company CashZ, officially claiming it as a "governance upgrade." This explanation sounds familiar, always so respectable, but in reality, it leads to only one conclusion: these people no longer intend to continue this project.

The capital market responded quickly. On a leading exchange, a whale used 10x leverage to boldly invest $12.35 million long on ZEC. The result? The price plummeted from $481 straight down to $386. This isn't investing; it's a naked market test—money can't stop the flow of the tide.

From a technical perspective, the situation is even more dangerous. Active development has fallen to its lowest level since November 2021, and the project is effectively at a standstill. Although the RSI indicator rebounded from the oversold zone to 48.37, in the current market conditions, this rebound is merely a technical respite with little momentum to follow.

Funds are voting with their feet. The last two waves of net capital outflows reached $19.8 million and $9.1 million USDT respectively, making the market sentiment crystal clear. When all eyes are on the BTC ecosystem, who still remembers this former veteran privacy coin?

$370 is a critical support level. Once broken, the next target is directly at $350. For investors who haven't entered the market yet, entering now is akin to catching a falling knife. Existing holders must immediately set stop-loss orders. Unless your capital size and risk tolerance can match that of the big whales, the most prudent approach is to stay on the sidelines and wait for clearer market signals.

ZEC is standing on the edge of a cliff. Every step forward could determine the project's life or death.