Main to remember
- The ZKJ token of Polyhedra Network has crushed more than 80% after major liquidity withdrawals.
- The sale coincided with a unlocking of tokens releasing 15.53 million ZKJ tokens.
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ZKJ’s price, the native token of Polyhedra Network, collapsed by more than 80% this morning after eliminations suspected of liquidity coordinated by large holders.
ZKJ saw a strong volatility on June 15, going from $ 1.9 to $ 0.2 before the rebound, the CoinmarketCap data show. However, the token resumed its drop shortly after, falling below $ 0.3 at the time of the declaration.
The token previously culminated at $ 4 in March 2024.
The Koge token, known as Token 48 club, associated with ZKJ, was also assigned by the market movement. The token plunged from $ 62 to $ 24 during the same period.
According to data analyst on the @ AI_9684XTPA channel, three main Binance Alpha farmers’ portfolios have executed substantial withdrawals and sales on Sunday, triggering the sharp drop.
The first portfolio, starting with “0x1a29”, withdrew 61,130 koge worth around $ 3.7 million and 273,017 ZKJ worth around $ 532,000, according to the analyst.
The second, starting with “0x0781”, deleted 33,651 koge worth more than $ 2 million and 709,203 ZKJs estimated at $ 1.4 million. The third address liquidated 772,759 ZKJ for approximately 1.5 million dollars.
The sale coincided with a unlocking of tokens which published 15.53 million additional ZKJ tokens in circulation. He had previously maintained a constant negotiation price of around $ 2, generating liquidity of more than $ 20 million, mainly due to the alpha points of Binance.
In response to the sharp drop in token prices, Polyède Network said that the incident had been launched by a series of abnormal transactions on the chain on the ZKJ / Koge trading pair in a short period of time.
The team added that the situation is under active examination and has promised to share other updates as they become available.
Dear Polyèdra community – We want to emphasize that the fundamental principles of Polyèdra remain strong, both in our technology and in the incredible support of our community. We continue to build and advance as planned.
Today’s drop in prices was caused by a series of abnormal …– Polyhedra (@polyhedrazk) June 15, 2025
48 club did not comment on the recent incident. However, the team drew attention after declaring on Saturday that Koge had been completely diluted from the first day and specified that they had never promised not to sell.
Yes, $ Koge was completely diluted from the first day.
And not – 48 club will never promise that we would not sell. Binance either $ BnbRIGHT?
Do your own research.
Take your own risks.– 48 club (East. ’17) (@ 48club_official) June 14, 2025
It is a story in development. We will update by learning more.
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