16.06.2025 20:47
A dramatic overnight plunge in the value of Polyhedra Network's $ZKJ token has sent ripples through the decentralized finance (DeFi) ecosystem, leaving a trail of over $99 million in liquidations. The token, recently celebrated as a highly profitable farming opportunity, particularly when paired with $KOGE to earn Binance Alpha Points, experienced a breathtaking 80% drop, fueling intense speculation about a potential rug pull.
This precipitous fall from grace is a stark contrast to the token's recent accolades. Just days prior, $ZKJ was widely praised for its exceptional performance and lucrative yield farming opportunities within Binance's Alpha Points system. Liquidity pools overflowing with $ZKJ and $KOGE attracted enthusiastic users seeking maximum rewards. However, this positive momentum evaporated within hours as the token plummeted below $0.40 from a high near $2.00, catching many investors completely off guard. The speed and scale of this collapse have led many to suspect foul play.
The accusations center around the actions of large $ZKJ holders, often referred to as whales. Evidence suggests a coordinated sell-off by these whales immediately preceded the market crash. On-chain data analysis from Key Insight Display (KID) reveals several significant wallets offloading substantial amounts of $ZKJ in the hours leading up to the dramatic price decline. One particular wallet, identified by DexCheck, added approximately $58,000 worth of $ZKJ to a liquidity pool at around $1.90, only to swiftly sell the same amount less than an hour later. This wallet subsequently withdrew its remaining liquidity, further fueling suspicions of a manipulative strategy. The subsequent crash has ignited a fervent debate amongst investors and analysts, questioning whether this represents genuine market forces or a deliberate, orchestrated exit scam.
