Polyhedra Network's ZKJ token and KOGE token from 48 Club DAO experienced significant crashes on June 15. ZKJ plummeted by nearly 60%, wiping out $360 million in market cap, while KOGE dropped by 50%, losing over $100 million. The sell-off was triggered by the depletion of the KOGE/USDT liquidity pool, leading to panic selling as investors switched to ZKJ. The incident was exacerbated by the lack of USDT in the KOGE pool, causing holders to rush to the ZKJ pool. This chain reaction overwhelmed the ZKJ/USDT pair, damaging investor confidence. The 48 Club DAO members criticized the teams for negligence. The crash raised concerns about liquidity strategies and market structure, with upcoming token unlocks adding to the volatility. The intertwined nature of ZKJ and KOGE in liquidity pools and farming strategies made them susceptible to shocks, highlighting the risks in the crypto market. Read more AI-generated news on: https://app.chaingpt.org/news

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