Zcash “friendly fork” Ycash sees 60 percent drop in value

Ycash, the “friendly fork” of privacy coin Zcash suffered a 60 percent price drop almost immediately after launch. 

The coin, which was forked from Zcash July 19 at 19:36 PDT, fell in price from $13.95 to $2.01 at 16:45, in a mere two hours, later that day. 

Ycash grew out of a movement to return Zcash to its roots by enforcing cheaper mining and a hard cap on “founders rewards”—which awards 20 percent of newly minted coins to the Zcash development fund. To oversee the new coin and keep it distinct from Zcash, Ycash supporters set up the non-profit Ycash Foundation earlier this year. 

The sudden drop in price could prove problematic for investors migrating their holdings from Zcash to Ycash, who had been assured their holdings would be accessible via their Zcash private keys and would be transferred intact. Intact it may be—but the price drop has made this effectively redundant. 

Zcash, for its part, remains at $77.