16.06.2025 09:58
The cryptocurrency market experienced a significant downturn, with over $99 million in long positions liquidated within a mere four hours. This dramatic event was largely triggered by the near-total collapse of ZKJ, the native token of the Polyhedra Network, which plummeted over 85% in a matter of hours, falling from $2 to just $0.26. The rapid price drop created widespread panic among investors, resulting in substantial financial losses.
This market turmoil stemmed from the actions of several large cryptocurrency holders, often referred to as "whales." Data from internet sources reveals that these whales offloaded approximately 5.23 million ZKJ tokens, generating $9.66 million in revenue from a single trading pair involving ZKJ and KOGE. This massive sell-off initiated a cascading effect, wiping out a significant portion of the crypto market's long positions. Remarkably, over 81% of all liquidations during this four-hour period were attributed to this event.
The speed and scale of ZKJ's decline have fueled speculation of a coordinated "rug pull," a fraudulent scheme where developers artificially inflate a token's value before abruptly selling their holdings, leaving investors with worthless assets. This suspicion is intensified by the fact that the token's collapse occurred only 40 days after its inclusion in the Binance Alpha program, a platform designed to boost emerging cryptocurrencies. The swiftness of the event and the substantial financial losses suffered by investors raise serious concerns about market manipulation and the potential for similar scams in the future.
Adding to the intrigue, an expert accurately predicted the impending ZKJ crash days prior, sharing warnings on social media. This prescience, coupled with the rapid descent of the token, strongly suggests the involvement of insiders privy to information unavailable to the general public. The incident underscores the risks associated with investing in relatively new cryptocurrencies, particularly those with limited transparency and history, leaving many retail traders struggling to cope with significant losses.
