$BTC 🔥 What happened with the 50% crash of ZKJ?

In the crypto world, there are no shortages of stories about tokens "disappearing" overnight. But the collapse of $ZKJ is particularly notable: it resembles a “fake stablecoin rehearsal” with all the elements of high liquidity, community hype, attractive incentives… leading to an unstoppable crash.

In less than an hour, $ZKJ plummeted from $2 to $0.30, wiping out more than 83% of its market value. But what’s noteworthy is not just the speed of the collapse, but how it was constructed – and ultimately brought down – like a perfect zero-sum game.

STAGE 1: ZKJ “TRANSFORMED” INTO STABLECOIN

For an entire month, $ZKJ became a strange phenomenon: trading like a stablecoin, even though it wasn't a stablecoin. Why?

• This token had liquidity up to $20 million – a very rare number in emerging projects.

• Slippage was almost zero, swaps as smooth as USDC.

• More importantly, it was used to farm Binance Alpha points – one of the hottest "narratives" in the current market.

• At one point, the market cap of ZKJ was three times that of zkSync, a real functioning Layer 2.

On the surface, ZKJ appeared to be a safe asset. And that’s when people began calling it the “perfect stablecoin” – from KOLs to trader groups.

But that stability did not come from trust, nor from a sustainable financial model. It was fueled by one thing only: speculative cash flow combined with temporary incentives.

STAGE 2: WARNING SIGNS IGNORED

In the frenzy of point farming, the community overlooked some very clear “red flags”:

• ZKJ did not generate revenue or any real utility.