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Why ZKJ Token Price Crashed From $2 to $0.33 ?

Published by
Debashree Patra and Qadir AK

The Polyhedra Network’s native token, ZKJ, experienced a devastating flash crash on June 15, plummeting more than 63% in under two hours, triggering over $99 million in liquidations and sparking widespread accusations of rug-pulling across the crypto community.

Whale Wallets Trigger the Collapse

According to blockchain tracker Lookonchain, six whale wallets collectively sold 5.23 million ZKJ tokens for approximately $9.66 million, right before the crash. These wallets had previously removed liquidity from both ZKJ and KOGE, exchanging KOGE for ZKJ and then dumping ZKJ en masse. This aggressive sell-off drained liquidity and triggered a steep price drop, prompting a wave of forced liquidations for leveraged long positions.

Among those liquidated were six traders who each lost over $1 million, with ZKJ accounting for 81.3% of all crypto liquidations in just four hours, per Coinglass data.

ZKJ Coin Price Crash

ZKJ’s price nosedived from $1.98 to a low of $0.7625, marking a more than 60% fall on CoinGecko. CoinMarketCap presented an even grimmer scenario, showing the token collapsing over 80% to $0.33, wiping out the token’s market cap to under $95 million. Although ZKJ briefly rebounded to $1.41, it quickly fell back to hover around $0.80 by midday.

What’s particularly shocking is that ZKJ had been trading in a relatively stable range between $2.05 and $1.98 for over a month, making the sudden breakdown all the more alarming.

KOGE Connection and Community Backlash

Crypto X users were quick to call out what many now suspect to be a coordinated “pump and dump” or even a “long-planned harvesting operation.” A key post by user ETH APPLE alleged that the KOGE pool had run out of USDT, which left liquidity providers stranded and triggered a mass conversion of KOGE into ZKJ, ultimately crashing both tokens.

“The issue began when the KOGE pool ran out of USDT, leaving LPs unable to exit positions,” wrote ETH APPLE. “This led to a mass sell-off of KOGE into ZKJ… the KOGE team hadn’t added any USDT to the pool.”

FAQs

Where can you buy Polyhedra Network (ZKJ) token?

ZKJ can be purchased on various centralized crypto exchanges like OKX, Bybit, Gate.io, KuCoin, and MEXC. Some platforms like Revolut also offer ZKJ.

What is the market cap of Polyhedra Network (ZKJ)?

As of today, Polyhedra Network’s (ZKJ) market capitalization stands at approximately $100.4 million, placing it at rank #458 on CoinGecko. This valuation is calculated by multiplying the current token price by the circulating supply, which currently totals 310 million ZKJ tokens available for trading in the market.

Why did ZKJ crypto crash so suddenly?

ZKJ crashed over 63% after whale wallets dumped 5.23M tokens, triggering $99M in liquidations and draining liquidity.

Debashree Patra and Qadir AK

Fun-loving and cheerful, a passionate blockchain and crypto writer who knows no boundary…connect if you share the same passion. With 10+ years of writing experience, I am a Crypto Journalist by chance, exploring, and learning all the dynamics of the sci-fi action-filled crypto world. Currently, focusing on cryptocurrency news and price data. With a passion for research and challenging my capabilities, I am slowly getting into the crypto arena to bring new insights every day.

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