The Polyhedra Network (ZKJ) token has crashed over 80% due to on-chain activity.
The collapse was triggered by whale withdrawals that caused a liquidity cascade.
The event is drawing comparisons to past meltdowns like LUNA due to similar red flags.
The price of Polyhedra Network’s native token ZKJ nosedived by 83%, igniting fears of a repeat of infamous collapses like Terra’s LUNA. The crash came on the back of “abnormal on-chain activity,” centered around the ZKJ/KOGE trading pair, causing Binance to flag a liquidity crunch and spurring intense debate across the crypto community.
At the time of writing, ZKJ trades at $0.3328, with a 45% drop in trading volume, down to $1.8 billion, according to CoinMarketCap. Despite reassurances from the Polyhedra team, many investors are drawing parallels to past token implosions, raising serious red flags on the project’s health.
What Triggered the 83% Price Collapse?
The cascade began on June 15, when three whale wallets withdrew around $7 million in KOGE and ZKJ tokens from Binance Alpha pools. The initial withdrawal drained the KOGE/USDT pool, prompting traders to panic-swap into ZKJ. That overwhelmed t…
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