Crypto Catastrophe: ZKJ Token Takes a Dive, Leaving Investors in a Daze! 🐾💸

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In a turn of events that would make even the most seasoned of investors clutch their pearls, Polyhedra Network’s ZKJ token took a nosedive of 83% on Sunday. This calamity was attributed to a series of “abnormal on-chain transactions” involving the ZKJ/KOGE trading pair. Binance, in its infinite wisdom, suggested that a sudden liquidity crunch was the culprit behind this financial fiasco. Who knew liquidity could be so fickle? 💧

“Today’s price drop was caused by a series of abnormal on-chain transactions within a very short period on the ZKJ/KOGE trading pair,” Polyhedra chirped on X on June 15, after ZKJ’s market cap plummeted nearly $500 million in a mere nine hours. Some trackers even claimed the plunge occurred in less than two! Talk about a rapid descent! 🚀

Binance, ever the watchful guardian, noted that the collapse of ZKJ and KOGE was due to large holders removing tokens, which led to a “liquidation cascade in the market.” Sounds like a fancy way of saying, “Oops, we did it again!”

Some onlookers, with their magnifying glasses and conspiracy theories, have linked the price fall to a recent token unlock, accusing Polyhedra of foul play. However, no major crypto analytics platform has come forward to back these claims. It seems the truth is still out there, lurking in the shadows. 🕵️‍♂️

CryptoMoon, in a valiant attempt to get to the bottom of this debacle, reached out to Polyhedra for a comment but was met with the deafening silence of a thousand unanswered emails.

Polyhedra to Make Post-Mortem

Polyhedra, that ambitious interoperability-focused crypto project leveraging zero-knowledge proofs, has assured us that it is “closely reviewing the situation.” They promise to provide more information when possible, but rest assured, the network’s fundamentals remain intact. At least, that’s what they say! 🤔

Abnormal Transactions, Abnormal Price Action

The ZKJ token, Polyhedra Network’s utility and governance token, experienced a dramatic fall of 60% from $1.92 to $0.76 in a 90-minute window by June 15 at 2:32 am UTC, according to CoinGecko data. It’s almost as if the token was auditioning for a role in a tragic play! 🎭

It made a brief comeback, rising to $1.41 over the next 90 minutes before plunging downward and sideways like a confused penguin over the next six hours. 🐧

Later on June 15, at about 9:25 pm UTC, the ZKJ token took another sharp fall from $0.77 to $0.32, where it has been trading flat. Flat as a pancake, one might say! 🥞

As a result, nearly $500 million in market value has been wiped out by ZKJ’s sharp fall. A staggering amount, indeed!

Binance Changes Alpha Points Calculation

Both ZKJ and KOGE, the governance token for BNB48 Club in the Binance ecosystem, were traded to earn Alpha Points as part of Binance’s scoring system to evaluate and reward user engagement. However, Binance has decided to adjust the calculation rules of its Alpha Points token rewards program from June 17 onward. Because why not shake things up a bit? 🎲

“Starting from 00:00 UTC on June 17, 2025, the trading volume of trading pairs between Alpha tokens will no longer count towards Alpha Points calculation,” Binance announced, leaving traders scratching their heads in confusion.

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2025-06-16 04:35