ZClassic (ZCL) may have cost a lot in the past day. The coin's value was mostly driven by two expectations: a reward of Bitcoin Private coins, and a chance for quick returns. The second expectation may have cost buyers a lot, since there were predictions of ZCL spiking to $300, $500 and more outlandishly, $1,000 before the hard fork. ZCL slid toward $23, with no bottom in sight, losing rapidly in terms of BTC prices as well.
However, ZCL achieved a peak just below $200, and went on to crash painfully. And after the Bitcoin Private fork went through, the asset seems to have lost all meaning.
The chart over the three-month period where the hard fork hype started shows that now, ZCL may be set to return to the extremely low values, and remain yet another low-priced anonymous coin with little real-world use. While ZCL has an extremely low supply of 2 million coins, this does not ensure the preservation of value, as it was seen in the rapid price drop.
But most puzzling was the large buying spree hours ahead of the snapshot, which took ZCL above $100 one last time. ZCL also caused trouble with timely withdrawals and confirmations, and at one point, a miner switched to ZCL to assist the backlog.
At the moment, it is questionable if this is the last of ZCL that will be seen. A coin can be forked in this manner into yet another asset, making it attractive again for a while. When it comes to rumors and theories in the face of the scary drop in prices, forking ZCL numerous times to cause similar price events is within the realm of possibility.
The ZClassic team has been rather secretive about its plans, leading some Reddit users to see a potential scam, or at least too much hype related to the coin.
The hype around ZClassic continues, and as the price was falling rapidly by the minute, there were still predictions the coin itself was as valuable as Monero (XMR) or ZCash (ZEC) due to its privacy features. But this coin has shown that greed can be costly, and more than 70% of value wiped out overnight.