ZAMA Prints ATH as Whale Absorbs 98M Tokens, Volume Hits $100M Against $110M Cap
Zama Protocol jumps 27% to a new high as a Kraken whale stacks tokens and Multicoin Capital's Tushar Jain confirms a ZAMA long.
Zama Protocol (ZAMA) has printed a fresh all-time high of $0.05171, gaining more than 27% in 24 hours as daily trading volume surged 185% to roughly $100 million — a figure that now sits almost level with the token’s $110.38 million market capitalization. The move comes alongside confirmed on-chain accumulation from a Kraken-linked whale and a public long position disclosed by Multicoin Capital co-founder Tushar Jain.
Volume-to-cap ratio flags thin float, heavy dilution ahead
The token’s fully diluted valuation stands at $564 million, roughly five times its current market cap, underscoring how much unreleased supply is still ahead of the market. Only 2.2 billion of the 11.19 billion total ZAMA supply — 19.66% — is currently circulating, according to CoinMarketCap data cited by AMBCrypto.
Roughly 4.06 million ZAMA, worth about $200,000, is entering circulation daily, with additional annual unlocks of 1.98 billion tokens scheduled through 2030. Liquidity remains moderate at a liquidity-to-market-cap ratio of 2.51%, a level that leaves room for retail-size trades but could complicate execution for larger institutional tickets.
Whale wallet absorbs nearly 100 million tokens since TGE
Arkham data shows a single wallet has been steadily buying ZAMA off Kraken, adding over 28 million tokens in the past two days alone, including a single transaction of 14.26 million ZAMA worth $571,000. Over the past 125 days — spanning most of the token’s post-TGE trading history since its February 2026 launch — the same wallet has accumulated 98.18 million ZAMA valued at $3.93 million.
That sustained buying appears to be offsetting the steady stream of daily unlocks, a dynamic that helps explain why price has continued to climb even as new supply enters the market each day.
Multicoin ties the trade to privacy demand, pairs it with ZEC
The rally has also drawn institutional commentary. Tushar Jain, co-founder and managing partner at Multicoin Capital, wrote on X: “Institutions need privacy to operate. This is why we’re long $ZAMA and $ZEC. Zama unlocks private defi…”
The remark links ZAMA’s rally to a broader institutional narrative around confidential DeFi rails, positioning the token alongside Zcash as a privacy-sector pair trade rather than an isolated speculative move.
Chart structure: breakout confirmed, retracement risk flagged
Social metrics have amplified the move — ZAMA ranked first on CoinGecko’s trending list and second on CoinMarketCap, with weekly gains exceeding 41%. On the daily chart, the token broke out of an ascending channel it had respected since its February TGE, with MACD bars showing building bullish momentum.
Cumulative volume delta also skews bullish, with more than 40 million ZAMA bought on Binance’s spot market during the current leg. The four-day rally originated from trendline support near $0.0300 before breaching upper resistance. Holder count, however, remains thin at 7.64K addresses, and traders should note the setup carries post-breakout retracement risk toward $0.045 or lower if buying momentum fades.