💥 What Happened?
ZKJ, native token of Polyhedra Network, plunged over 80%—from ~$1.90 to ~$0.20—within minutes on June 15 .
A whale-driven, coordinated dump: liquidity withdrawals across multiple large wallets harvested LP pools in ZKJ and its sister token KOGE .
The crash coincided with a massive token unlock (15.5M ZKJ), flooding supply even more .
🕵️ Who’s Behind It?
On-chain analysis revealed three key addresses orchestrated the crash by:
1. Extracting dual-sided liquidity from KOGE/ZKJ pools
2. Selling large ZKJ holdings across Binance Alpha
Polyhedra Network’s team blamed abnormal transactions in the ZKJ/KOGE pair .
Binance confirmed the crash stemmed from significant liquidity removals and cascading liquidations .
📉 Market Impact
ZKJ market cap collapsed by ~81%, wiping out over $1.6 billion in value—far exceeding all Binance Alpha airdrops combined .
KOGE also crashed, losing 60–70% amid the same manipulation .
⚔️ Knight’s Takeaway:
Insight What It Means
Token Unlock + Whale Dump = Perfect Storm Massive sell pressure <br> caused irrational price drop
On-chain Transparency = Early Warning Track liquidity drains and whale addresses
Stay Clear of Pre-Launch Airdrops No spot listing + network centralization = high risk
Oversold ≠ True Bottom Watch support zones (~$0.20–$0.30) but expect further shakeout
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🔍 What to Monitor Now:
On-chain whale address activity — are they unloading more?
Liquidity pool rebalance — are buyers stepping in?
Token unlock events in upcoming days/weeks.
This crash is a harsh reminder: new, airdrop-led tokens can vanish overnight when whales coordinate exits. Trade with conviction—or stay on the sidelines.
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