16.06.2025 09:43
Polyhedra Network's (ZKJ) token experienced a catastrophic 83% price drop within a single day, plummeting to a low of $0.26. This dramatic fall, resulting in substantial losses for major holders, left the short-term outlook decidedly bearish. Although a minor recovery to approximately $0.34 occurred by June 16th, 2025, the significant plunge from recent highs of $2.00 solidified seller dominance in the market. The daily trading volume concurrently decreased by a considerable 61%, settling at $1.23 billion.
The sudden collapse wasn't solely attributable to the broader cryptocurrency market downturn, fueled by escalating geopolitical tensions between Israel and Iran. While this contributed to Bitcoin's decline, Polyhedra's price crash stemmed from a series of unusual on-chain activities. A statement from Polyhedra Network itself emphasized the project's underlying strength, citing robust technology and unwavering community support. Despite the price drop, they affirmed their commitment to ongoing development. The statement acknowledged unusual transactions as the trigger for the price volatility.
Initial investigations by Binance highlighted significant volatility in the ZKJ token and its KOGE pairing. In response to this instability and to mitigate systemic risks associated with concentrated holdings, Binance announced a modification to its Alpha Points calculation rules. Effective June 17th, 2025, trading volume involving Alpha tokens would no longer contribute to Alpha Points. This measure aimed to promote fairer and more stable market conditions.
On-chain data revealed the crucial role of large holders withdrawing liquidity from the ZKJ/KOGE trading pair. This triggered a chain reaction of liquidations, severely impacting a wide range of traders. The confluence of these factors – unusual on-chain activity, a broader market sell-off, and Binance's intervention – contributed to the unprecedented fall of Polyhedra Network's ZKJ token.
