The Polyède Network (ZKJ) plunged 83% on Sunday after a series of “abnormal transactions on the chain” involving the ZKJ / Koge trading pair (Koge) – a binance of collapse was triggered by a sudden liquidity flood.
“Today’s drop in prices was caused by a series of abnormal transactions on the channel in a very short period of ZKJ / Koge’s commercial pair,” Polyhedra told X on June 15 after ZKJ’s market capitalization dropped almost $ 500 million in nine hours, while another tracker shows that diving has occurred in less than two.
Binance said that ZKJ and Koge collapse results from great tokens holders, causing a “liquidation cascade”.
Some spectators have linked the price to a recent token unlocking, while accusing polyde of unfair playing, although no major crypto analysis platform has corroborated these claims.
Cointelegraph stretched the hand to Polyhedra to comment but did not receive an immediate response.
Polyhedra to make post-mortem
Polyhedra, a crypto project focused on interoperability that takes advantage of zero knowledge of knowledge, said that it “examined the situation closely” and would provide more information when possible, but assured users that the network fundamentals remain intact.
Abnormal transactions, abnormal action
The ZKJ token – The Polyède network utility and governance token – dropped from $ 1.92 to $ 0.92 in a window of 90 minutes before June 15 at 2 h 32 UTC, according to Coigecko data.
He made a short -term return, reaching $ 1.41 in the next 90 minutes before diving down and laterally over the next six hours.
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Later on June 15 around 9:25 p.m. UTC, the ZKJ token made another sharp drop from $ 0.77 to $ 0.32, where it exchanged flat.
Nearly $ 500 million in market value were destroyed by the strong fall of ZKJ.
Binance changes calculation of alpha points
ZKJ and KOGE – A governance token for the BNB48 club in the Binance ecosystem – were exchanged to earn alpha points as part of the Binance rating system to assess and reward user engagement in the Binance Alpha ecosystem and the Binanciers portfolio.
However, Binance indicates that it will adjust the rules for calculating its ALPHA token reward program from June 17 to ensure equity and market stability, and to “reduce the systemic risk of concentration”.
“From 12:00 am UTC on June 17, 2025, the commercial volume of trading pairs between the Alpha tokens will no longer count for the calculation of alpha points,” said Binance.
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