I've always felt that ZEC as a coin, apart from hype and clearing inventory for mining machine vendors, has little real use. The recent sharp decline seems more like the final blow to this facade.

Look at the current situation: the core development team has all resigned collectively. What kind of situation is this? The "brain" of the project has left, leaving only the code and vision—who will maintain them? The so-called "governance crisis" essentially means insiders feel the ship is sinking and are jumping ship first. Of course, the market isn't stupid; the price has smashed through all key moving averages in a smooth decline, with huge volatility and a crashing confidence.

Technically, there's nothing to look at anymore; all indicators are breaking down. Some say it's "oversold" and might rebound. But don't forget, something can stay oversold and keep falling. These technical rebounds can't reverse the overall trend; they are more like a last chance for those who haven't run yet to get out.

What’s most intriguing is that there are always some "institutional interest" news coming out—like applying for ETFs or increasing holdings. But a close look at the capital flow shows overall outflows. This is very much like a pump-and-dump script: periodically releasing "good news" to maintain some hype, so that mining machine vendors can continue selling their equipment or so that big players can find a sucker to offload to. All this excitement might just be covering up a fact: the core driver that pushed this coin up—mining machine sales—has already weakened.

My view has always been the same: the value of ZEC is largely tied to the cycle of mining machine sales. When machines are hot, stories and price increases stimulate sales; once most machines are sold, who will put in the effort to maintain the coin's price? The logic is straightforward and brutal.

So, for retail investors, stop paying attention to those dubious "good news" and don't believe in the so-called "oversold rebound." The core team is gone, the price trend has collapsed, and the initial driving force may have ended. This is a very clear signal: the game is coming to an end.

Just sell if you need to, don’t cling. Hold onto your wallet, stay away from stories that are finished and assets that only keep falling—it's better than anything else. $ZEC ‌#Gate广场创作者新春激励