Key Takeaways
- Polyhedra Network’s ZKJ token crashed over 80% after massive liquidity withdrawals.
- The sell-off coincided with a token unlock releasing 15.53 million ZKJ tokens.
Share this text
The value of ZKJ, Polyhedra Network’s native token, collapsed by greater than 80% this morning after suspected coordinated liquidity removals by massive holders.
ZKJ noticed heavy volatility on June 15, tumbling from $1.9 to $0.2 earlier than rebounding, CoinMarketCap knowledge reveals. However, the token resumed its decline shortly afterwards, falling under $0.3 on the time of reporting.
The token beforehand peaked at $4 in March 2024.
The KOGE token, generally known as the 48 Club token, related to ZKJ, was additionally affected by market motion. The token plunged from round $62 to $24 throughout the identical timeframe.
According to on-chain knowledge analyst @ai_9684xtpa, three main wallets farming Binance Alpha factors executed substantial withdrawals and gross sales on Sunday, triggering the steep decline.
The first pockets, beginning with “0x1A29,” withdrew 61,130 KOGE price roughly $3.7 million and 273,017 ZKJ valued at round $532,000, as per the analyst.
The second one, beginning with “0x0781,” eliminated 33,651 KOGE price over $2 million and 709,203 ZKJ price an estimated $1.4 million. The third tackle liquidated 772,759 ZKJ for roughly $1.5 million.
The sell-off coincided with a token unlock that launched an extra 15.53 million ZKJ tokens into circulation. It had beforehand maintained a gradual buying and selling value of round $2, producing liquidity of over $20 million, primarily on account of Binance Alpha factors.
In response to the token’s sharp value decline, Polyhedra Network mentioned the incident was triggered by a sequence of irregular on-chain transactions on the ZKJ/KOGE buying and selling pair inside a brief timeframe.
The workforce added that the scenario is below energetic evaluate and promised to share additional updates as they change into out there.
Dear Polyhedra neighborhood — we wish to emphasize that the basics of Polyhedra stay sturdy, each in our expertise and within the unimaginable assist from our neighborhood. We’re persevering with to construct and push ahead as deliberate.
Today’s value drop was brought on by a sequence of irregular…— Polyhedra (@PolyhedraZK) June 15, 2025
48 Club didn’t touch upon the latest incident. However, the workforce drew consideration after stating on Saturday that KOGE had been absolutely diluted from day one and clarifying that that they had by no means promised to not promote.
Yes, $KOGE was absolutely diluted from day one.
And no — 48Club by no means promise we wouldn’t promote. Neither did Binance for $BNB, proper?
Do your personal analysis.
Take your personal danger.— 48 Club (Est. ’17) (@48Club_Official) June 14, 2025
This is a growing story. We’ll replace as we study extra.
Share this text