15.06.2025 13:50
The price of KOGE plummeted following a substantial treasury sale conducted by the 48 Club, resulting in significant market turmoil. The sharp decline, exceeding 64% within a 24-hour period, sent shockwaves through the cryptocurrency market, briefly pushing KOGE below the $10 mark before a partial recovery to $22.07. On-chain data confirmed a massive sell-off, underscoring the impact of the 48 Club's actions.
This dramatic price swing stemmed directly from the 48 Club's decision to liquidate a significant portion of its KOGE holdings, announced via their X platform account. The swift and considerable market response, characterized by widespread selling pressure evident in on-chain activity, highlights the inherent volatility associated with treasury releases in the cryptocurrency space. Investor concerns were heightened by the lack of prior communication regarding the planned sale, exacerbating the already tense situation.
The 48 Club's representatives, along with the KOGE team, defended their actions, emphasizing that the KOGE token had been fully released from day one without any lock-up periods. They drew parallels to Binance's handling of BNB, asserting that no guarantees against future treasury sales had ever been given. This statement, relayed by ChainCatcher, underscored the industry standard of complete token release and the risks inherent in investing in volatile digital assets. A notable wallet further fueled the decline by offloading large quantities of both KOGE and ZKJ, compounding the price pressure.
The subsequent panic selling fueled by the price drop severely impacted KOGE's liquidity and eroded investor confidence. Although no prominent figures issued official statements, commentary from sources like OnchainLens highlighted the market's cautious sentiment and advised investors to exercise prudence and thorough due diligence before investing in highly volatile tokens. The incident serves as a stark reminder of the risks involved in cryptocurrency investments and the importance of understanding the potential impact of treasury sales and similar actions.
