16.06.2025 16:37

Polyhedra Network's native token, ZKJ, experienced a dramatic price collapse on June 15th, plummeting approximately 80% in a single day. This devastating drop erased over $439 million from its market capitalization, a significant blow to the cryptocurrency's standing. Prior to the crash, ZKJ traded near $2, comfortably residing within the top 300 cryptocurrencies by market cap; however, its current price of $0.3772 has relegated it far outside this ranking, with a drastically reduced market cap of $111 million.

The precipitous decline stemmed from significant whale activity, specifically the coordinated selling of both ZKJ and KOGE tokens. Blockchain analytics, obtained from internet sources, revealed that several large wallets strategically converted KOGE into ZKJ before aggressively dumping the latter onto the open market. Six prominent wallets, in particular, sold approximately 5.23 million ZKJ tokens, generating roughly $9.66 million in the process. This massive sell-off created a liquidity crisis, exacerbating the downward price pressure on ZKJ.

The consequences of this whale-driven sell-off were catastrophic. A cascade of liquidations followed, impacting multiple traders, with at least six experiencing losses exceeding $1 million each. Furthermore, internet sources indicate a substantial influx of ZKJ tokens into centralized exchanges within a 24-hour period, exceeding $2 million. This significant transfer to exchanges fueled further panic and heightened anxieties within the community about the token's future.

Adding to the already dire situation is the impending unlock of ZKJ tokens scheduled for June 19th. This upcoming event has the potential to further depress the token's price, as a large influx of newly available tokens could overwhelm the market and trigger another round of selling pressure. The future trajectory of ZKJ remains uncertain, with the possibility of further price drops looming large given the current circumstances.