Polyhedra Network's ZKJ token crashes over 80% after Binance Alpha LPs reportedly pull liquidity

Key Takeaways

Polyhedra Community’s ZKJ token crashed over 80% after giant liquidity withdrawals.
The sell-off coincided with a token unlock releasing 15.53 million ZKJ tokens.

The value of ZKJ, Polyhedra Community’s native token, collapsed by greater than 80% this morning after suspected coordinated liquidity removals by giant holders.

ZKJ noticed heavy volatility on June 15, tumbling from $1.9 to $0.2 earlier than rebounding, CoinMarketCap information exhibits. Nevertheless, 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 Membership token, related to ZKJ, was additionally affected by market motion. The token plunged from round $62 to $24 throughout the identical timeframe.

In response to on-chain information analyst @ai_9684xtpa, three main wallets farming Binance Alpha factors executed substantial withdrawals and gross sales on Sunday, triggering the steep decline.

The primary pockets, beginning with “0x1A29,” withdrew 61,130 KOGE value roughly $3.7 million and 273,017 ZKJ valued at round $532,000, as per the analyst.

The second, beginning with “0x0781,” eliminated 33,651 KOGE value over $2 million and 709,203 ZKJ value an estimated $1.4 million. The third deal with liquidated 772,759 ZKJ for about $1.5 million.

The sell-off coincided with a token unlock that launched a further 15.53 million ZKJ tokens into circulation. It had beforehand maintained a gentle buying and selling worth of round $2, producing liquidity of over $20 million, primarily on account of Binance Alpha factors.

In response to the token’s sharp worth decline, Polyhedra Community 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 crew added that the state of affairs is underneath lively evaluation and promised to share additional updates as they grow to be out there.

Expensive Polyhedra group — we wish to emphasize that the basics of Polyhedra stay sturdy, each in our know-how and within the unbelievable help from our group. We’re persevering with to construct and push ahead as deliberate.
At this time’s worth drop was attributable to a sequence of irregular…
— Polyhedra (@PolyhedraZK) June 15, 2025

48 Membership didn’t touch upon the current incident. Nevertheless, the crew drew consideration after stating on Saturday that KOGE had been totally diluted from day one and clarifying that they’d by no means promised to not promote.

Sure, $KOGE was totally 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 threat.
— 48 Membership (Est. ’17) (@48Club_Official) June 14, 2025