Looking at the price trends in the crypto world, there is a disturbing reality—those astonishing surges and drops are often not the result of market supply and demand, but carefully orchestrated manipulations.

ZEC's recent performance is a typical example. In just 24 hours, over 12 million in long floating profits disappeared by 98%, leaving only 200,000 at the end. Such extreme reversals are no coincidence.

Why is ZEC prone to becoming the protagonist in these events? The characteristics of privacy coins determine their fate—high volatility, relatively low market depth, and the tendency to trigger chasing psychology. With a relatively small amount of capital, one can create the visual effect of a price surge in the spot market. The market lacks sufficient depth to absorb this capital, making price spikes very easy.

What happened when the price hit the high of $750? It became a hot topic across the internet, ranking high in search charts, appearing as a "historic breakthrough." But the logic behind this candlestick formation might be quite simple: large positions were pre-positioned at low levels, then manipulated through order book tactics—placing high-priced orders, small accounts buying and selling among themselves—to produce such a bullish candle. It looks like genuine demand, but in reality, it’s just a signal.

From a trader’s perspective, this phenomenon reminds us to be cautious of abnormal volatility in low-liquidity tokens. Genuine market demand usually comes with a reasonable increase in trading volume, rather than sudden isolated surges. Understanding this distinction is a necessary lesson for those who want to survive long-term in this market.