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The price of the native ZKJ token of Polyède Network has dropped by more than 83% in the last 24 hours after “abnormal chain transactions” for the ZKJ / Koge trading pair.
“The price drop in today was caused by a series of abnormal transactions on the channel within a very short time on the ZKJ / Koge trading pair,” said the project in a June 15 job on his official account X.
The fall in ZKJ prices destroys more than $ 500 million in market capitalization
ZKJ’s price went from $ 1.98 to as low as $ 0.317763. He has since managed a minor resumption to negotiate $ 0.3258 at 1:24 am, Coingecko data shows. Meanwhile, Koge is down more than 54% in the last 24 hours.
This ZKJ dive destined more than $ 500 million in the market capitalization of the project, the total market capitalization from around 609 million dollars to a hollow of approximately $ 97.521 million.
Attributes of Binance ZKJ collapsed to the great holders in moving tokens
The Crypto Investigation Binance inquiry investigated the ZKJ incident and declared in a post X yesterday that the collapse was the result of “large holders by removing liquidity in mind”. This then sparked a “liquidation cascade on the market,” added the exchange.
Binance is aware that ZKJ and Koge have experienced significant price volatilities and our first results indicate that developments are the result of major chain liquidity holders and liquidation cascade on the market.
In order to maintain market equity and … pic.twitter.com/o89hprvaqz
– Binance (@binance) June 15, 2025
ZKJ and Koge were exchanged to earn alpha points as part of the Binance rating system and reward users within the Binance Alpha ecosystem and binance wallet.
After the collapse of the ZKJ / Koge pair, Binance announced that it would adjust the rules for calculating its ALPHA token reward program from June 17.
“From 12:00 am UTC on June 17, 2025, the commercial volume of trading pairs between the Alpha tokens will no longer count for the calculation of alpha points,” said Binance.
In doing so, the exchange indicates that it will ensure equity and market stability, while reducing the “systemic risks of potential concentration”.
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