The price of ZKJ, Polyhedra Network’s native token, collapsed by more than 80% this morning after suspected coordinated liquidity removals by large holders.
ZKJ saw heavy volatility on June 15, tumbling from $1.9 to $0.2 before rebounding, CoinMarketCap data shows. However, the token resumed its decline shortly afterwards, falling below $0.3 at the time of reporting.
The token previously peaked at $4 in March 2024.
The KOGE token, known as the 48 Club token and associated with ZKJ, was also affected by market movement. The token plunged from around $62 to $24 during the same timeframe.
According to on-chain data analyst @ai_9684xtpa, three major wallets farming Binance Alpha points executed substantial withdrawals and sales on Sunday, triggering the steep decline.
The first wallet, starting with "0x1A29," withdrew 61,130 KOGE worth approximately $3.7 million and 273,017 ZKJ valued at around $532,000, as per the analyst.
The second one, starting with "0x0781," removed 33,651 KOGE worth over $2 million and 709,203 ZKJ worth an estimated $1.4 million. The third address liquidated 772,759 ZKJ for approximately $1.5 million.
The sell-off coincided with a token unlock that released an additional 15.53 million ZKJ tokens into circulation. It had previously maintained a steady trading price of around $2, generating liquidity of over $20 million, mainly as a result of Binance Alpha points.
In response to the token’s sharp price decline, Polyhedra Network said the incident was triggered by a series of abnormal on-chain transactions on the ZKJ/KOGE trading pair within a short timeframe.
The team added that the situation is under active review and promised to share further updates as they become available.
48 Club did not comment on the recent incident. However, the team drew attention after stating on Saturday that KOGE had been fully diluted from day one and clarifying that they had never promised not to sell.
