Market Report: Top 5 cryptocurrencies by decline on January 9, 2026, with Zcash experiencing the largest drop.

Gate.io News Bot Message, January 9, 2026, According to CoinMarketCap market data, the overall crypto market has experienced a correction, mainly influenced by significant changes within the Zcash core development team, putting the privacy coin sector under noticeable pressure. The following are the top five cryptocurrencies by decline over the past 24 hours:

1️⃣ ZEC (Zcash) 📉 Current Price: $430.61 | Change: -9.86% 📊 24H High/Low: $481.11 / $382.44 | Market Cap: $7.095 billion ⚠️ The Electric Coin Company(ECC), the core development team of Zcash, has experienced serious governance disagreements with the Bootstrap board, leading to a collective resignation of all ECC staff. CEO Josh Swihart stated that a new company will be established to continue advancing the privacy coin mission, but the governance crisis has directly impacted market sentiment. Additionally, a large whale panic liquidated ZEC long positions, with a 67-day holding loss of approximately $4.9 million, further increasing downward pressure.

2️⃣ PUMP (Pump.fun) 📉 Current Price: $0.21 | Change: -7.80% 📊 24H High/Low: $0.23 / $0.206 | Market Cap: $765 million ⚠️ On January 8, US law firm Burwick Law filed an amended lawsuit accusing the operators of PumpFun, Baton Corp, and some executives of violating the Anti-Ransomware and Corruption Organization Act, involving Solana Foundation and Solana Labs, among others. The legal risks have increased, putting downward pressure on the price.

3️⃣ PEPE (Pepe) 📉 Current Price: $0.609 | Change: -7.67% 📊 24H High/Low: $0.65 / $0.59 | Market Cap: $2.564 billion ⚠️ The overall meme coin sector is under increased correction pressure. Although PEPE experienced significant gains earlier, it has pulled back amid declining market risk appetite. Investor James Wynn’s long positions in ETH and PEPE were partially liquidated due to market downturns, and market short sentiment is also increasing.

4️⃣ SKY (Sky) 📉 Current Price: $0.58 | Change: -6.09% 📊 24H High/Low: $0.61 / $0.56 | Market Cap: $1.336 billion ⚠️ Anchorage Digital transferred out a total of 699 million SKY tokens(worth approximately $40.38 million) on January 8. The large transfer may trigger market concerns about potential sell-offs. Meanwhile, the overall DeFi sector is facing capital outflow pressures.

5️⃣ SPX (SPX6900) 📉 Current Price: $0.57 | Change: -5.44% 📊 24H High/Low: $0.606 / $0.56 | Market Cap: $536 million ⚠️ As a small-cap token, SPX6900 has adjusted following the overall decline in crypto market risk appetite, with limited liquidity leading to increased volatility.

📉 Market Summary: The crypto market today faces multiple negative factors, with the Zcash core governance crisis being the most prominent, putting pressure on the privacy coin sector. Meanwhile, the legal risks faced by PUMP have also raised concerns about compliance. Overall, risk assets are flowing out, investor risk appetite has significantly decreased, and large whales are frequently liquidating positions. The market should watch for signs of larger systemic risks.

⚠️ Risk Reminder: Market volatility is intensifying. Investors should carefully assess position risks and avoid excessive leverage. The governance changes within the Zcash team are uncertain, and ongoing developments in PUMP’s legal disputes should be closely monitored. It is recommended that investors control risk exposure, avoid chasing highs, and stay alert to market movements. This message is not investment advice; please be aware of market volatility risks when investing.