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The worth of Polyhedra Community’s native ZKJ token plummeted over 83% prior to now 24 hours following “irregular on-chain transactions” for the ZKJ/KOGE buying and selling pair.
“In the present day’s worth drop was brought on by a sequence of irregular on-chain transactions inside a really quick interval on the ZKJ/KOGE buying and selling pair,” the undertaking mentioned in a June 15 put up on its official X account.
ZKJ Value Drop Wipes Out Over $500M In Market Cap
ZKJ’s worth fell from $1.98 to as little as $0.317763 prior to now day. It has since managed a minor restoration to commerce at $0.3258 as of 1:24 a.m. EST, CoinGecko knowledge reveals. In the meantime, KOGE is down over 54% prior to now 24 hours.
That ZKJ plunge worn out greater than $500 million from the undertaking’s market cap, with the entire market capitalization plummeting from round $609 million to a low of about $97.521 million.
Binance Attributes ZKJ Collapse To Massive Holders Transferring Tokens
Main crypto change Binance investigated the ZKJ incident, and mentioned in an X put up yesterday that the collapse was a results of “massive holders eradicating on-chain liquidity.” This then triggered a “liquidation cascade out there,” the change added.
Binance is conscious that ZKJ and KOGE have skilled important worth volatilities and our preliminary findings point out the developments have been a results of massive holders eradicating on-chain liquidity, and liquidation cascade out there.
With the intention to preserve market equity and… pic.twitter.com/O89hpRVaQz
— Binance (@binance) June 15, 2025
Each ZKJ and KOGE have been traded to earn Alpha Factors as a part of Binance’s scoring system and reward customers throughout the Binance Alpha ecosystem and Binance Pockets.
Following the ZKJ/KOGE pair collapse, Binance has introduced that it’ll modify the calculation guidelines for its Alpha Factors token rewards program from June 17 onwards.
“Ranging from 00:00 UTC on June 17, 2025, the buying and selling quantity of buying and selling pairs between Alpha tokens will now not rely in direction of Alpha Factors calculation,” Binance mentioned.
By doing so, the change says it can guarantee market equity and stability, whereas additionally decreasing any potential “systemic dangers of focus.”
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