| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $107230.0500000000 |
| ETH | $2433.6540000000 |
| BNB | $647.7495300000 |
| XRP | $2.1857800000 |
| ADA | $0.5637700000 |
| SOL | $150.8402000000 |
| DOGE | $N/A |
| DOT | $3.4100600000 |
| LTC | $86.3973000000 |
| LINK | $13.3166600000 |
Category: CRYPTO NEWS
The post Polyhedra’s ZKJ token plunges 83% after liquidity crisis appeared on BitcoinEthereumNews.com. Polyhedra Network’s native token, ZKJ, dropped over 83% on June 15, hitting an all-time low of $0.3073, after a series of abnormal transactions and mass liquidity withdrawals linked to its associated token, KOGE. According to a June 15 post on x by Polyhedra, the incident stemmed from “abnormal on-chain transactions” involving the ZKJ/KOGE trading pair. KOGE, issued by a group known as 48 Club DAO, operates in close connection with ZKJ through shared liquidity pools and has been incentivized through Binance’s Alpha Points program. Dear Polyhedra community — we want to emphasize that the fundamentals of Polyhedra remain strong, both in our technology and in the incredible support from our community. We’re continuing to build and push forward as planned.Today’s price drop was caused by a series of abnormal… — Polyhedra (@PolyhedraZK) June 15, 2025 Because the tokens are regularly traded against each other, their price dynamics are closely related. A chain reaction began when traders converted KOGE into ZKJ in large quantities as the liquidity in the KOGE/USDT pool dried up. This flooded the ZKJ/USDT pool. Major holders pulled a sizable portion of KOGE and ZKJ from on-chain pools, according to Binance, starting a “liquidation cascade” that caused the prices of both assets to plummet. KOGE dropped from $62 to $24 while ZKJ fell from nearly $2 to $0.30. On-chain analysts linked the price collapse to wallets farming Alpha Points. One wallet withdrew over 60,000 KOGE, roughly $3.7M, and 273,000 ZKJ, about $530K, while two others liquidated another $5 million combined. The rush was further heightened with a scheduled unlock of 15.5 million ZKJ tokens on June 19, which will add about $10 million in potential sell pressure to already stressed markets. Community reports indicate that the KOGE/USDT pool was drained first, leaving holders unable to exit their positions.…
2025-06-16T03:31:34+00:00