FIRO, a privacy coin with Bitcoin-like tokenomics, soared more than 300% in November, returning to a three-year high. Its market capitalization is still below $100 million, and many investors expect the bull market to extend further.
However, this explosive growth also comes with hidden risks related to on-chain data and market volatility. This article explores the opportunities and challenges for FIRO in light of recent developments.
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What opportunities are available at the FIRO gathering in November?
Firo, formerly known as Zcoin, was founded in 2016 and became a pioneer in privacy-focused cryptocurrencies. The nine-year lifespan indicates resilience across multiple market cycles, which serves as an early advantage to attract investors.
“Old names can shine again, but they are only worth what they keep building. And I truly believe that this wave of Dinocoins will draw new liquidity into the market, revive momentum, and set the stage for the next altcoin season,” investor Tanaka predicted.
Firo was the first coin to introduce zero-knowledge (ZK) proofs to mainnet, before Zcash (ZEC). This technology provides users with an excellent layer of privacy protection.
The recent rise in ZEC has led to a rise in many privacy-themed altcoins. As a result, the privacy coin sector became one of the best-performing categories, with an average increase of 320%, according to Artemis.
As a result, many investors compare FIRO’s trajectory to ZEC’s trajectory. They believe FIRO still has room to accelerate and emerge from its low-capitalization status.
“Buying FIRO at $5.3 is the same as buying ZEC at $5.3,” predicted investor 𝐙𝐞𝐫𝐞𝐛𝐮𝐬.
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FIRO has surpassed the $5 mark, reaching its highest price since August 2022, according to BeInCrypto data. The altcoin was ranked as the #1 trending asset on CoinGecko and remained in the top 3 for a week.
The biggest highlight at the moment is the upcoming hard fork. Expected to arrive in block 1,205,100 (November 19, 2025) in just two days, Firo will be upgraded to version 0.14.15.0. A standout feature is the ability to transfer Spark names, which are digital domains within the Firo ecosystem.
Previously, Spark names were only used to identify wallets. These become freely tradable assets, creating an internal “domain economy”. According to Firo’s official blog, this upgrade will increase liquidity and encourage community participation. The hard fork is expected to increase demand for FIRO.
What about risks?
Opportunity comes with risk. According to on-chain data, the top 10 richest wallets control more than 39% of FIRO’s total supply, an incredibly concentrated distribution.
These wallets have been dormant for years, accumulating FIRO at low prices between 2018 and 2024. With the current price above $5, these holders are close to breaking even or enjoying a profit. This situation can cause a massive sell-off if you decide to realize your profits.
Privacy coins have historically shown strong volatility due to regulatory pressure from governments. FIRO faces the same vulnerability.
Additionally, FIRO and other privacy coins are highly dependent on ZEC trends. On the other hand, many analysts are warning that ZEC may be forming a new bubble pattern.
