Zcash (ZEC) has experienced a significant price drop, falling 30% to $316 as of December 2, following a decline from $11.5 billion to $5.67 billion in market capitalization. The privacy-focused cryptocurrency has faced criticism over its off-chain governance model, which some industry leaders argue undermines decentralization. Notable figures such as Naval Ravikant and Vitalik Buterin have voiced concerns, contributing to the negative sentiment. The recent price decline is attributed to a fading hype-driven rally and ongoing governance issues. Technical analysts suggest that Zcash may continue to face downward pressure, with potential support levels identified between $297 and $311.