BitMEX Co-founder Initiates ZEC Meme Contest with 10 ZEC Prize
Arthur Hayes, a prominent figure and co-founder of BitMEX, has launched a meme contest centered around Zcash (ZEC), offering a prize of 10 ZEC to participants. The contest, which began in November 2025, encourages users to create memes depicting desired Christmas gifts from a fictional "Black Santa." This initiative aims to boost engagement and awareness for the privacy-focused cryptocurrency.
"The Christmas gift I want is ZEC. This week, we are holding a meme contest for a value of 10 ZEC. Please create a meme about what Christmas gift you want to receive from the Black Santa." - Arthur Hayes, Co-founder and former CEO of BitMEX
The announcement has already had a tangible effect on Zcash's market performance. Following the contest's reveal, ZEC experienced a price increase of over 6.6%, demonstrating the significant influence Hayes wields within the cryptocurrency community and his ability to generate market interest through social media engagement.
Zcash Price Surges Amidst Meme Contest Excitement
The Zcash (ZEC) cryptocurrency has seen a remarkable surge in value, coinciding with the announcement of Arthur Hayes's meme contest. This event has captured significant attention, leading to a notable uptick in ZEC's market capitalization and trading volume. The speculative nature of cryptocurrency markets often sees such price movements driven by influential figures and community-led initiatives.
Zcash is currently trading at $735.01, with a market capitalization of approximately $11.99 billion. Over the past 24 hours, the asset has seen a substantial price change of 12.61%, and its 30-day performance indicates a remarkable increase of 234.32%. Furthermore, CoinMarketCap data shows an impressive 1928.14% rise over a 90-day period, underscoring its strong recent market performance.
The impact of such community-driven events on cryptocurrency prices is a recurring theme in the digital asset space. For instance, a Dogecoin meme contest in July 2023 reportedly led to a 5% price increase. These occurrences highlight how lighthearted contests, when championed by influential figures or involving popular cryptocurrencies, can significantly influence digital currency values, at least in the short term.
Experts from the Coincu research team suggest that this recent event could potentially inspire increased adoption of privacy coins, with Zcash being a prime example. While these contests often catalyze short-term price spikes and foster community engagement, their long-term impact is ultimately dependent on continuous technological innovation and broader market acceptance of privacy-focused cryptocurrencies.