While most of the cryptocurrency market remains in a gloomy state, Zcash ($ZEC ) has experienced a spectacular price surge of up to 500% in just October, attracting all attention.

Analysts point out two main reasons behind this rapid pump:

Attention from Celebrities: "Celebrity calls" from influential figures have created a strong wave of FOMO in the community. This has attracted a large number of retail investors rushing to buy.

Short Squeeze Effect: ZEC is a asset that traders have "shorted" quite a lot. When the price suddenly surged, these short positions had to be closed by buying ZEC, inadvertently pushing the price even higher, creating a typical "short squeeze".