On June 15, 2025, ZKJ plunged approximately 83–87%, falling from ~ $1.90–2.00 to around $0.30 in hours—wiping out nearly $500 million in market value.
The collapse was triggered by “abnormal on-chain transactions” on the ZKJ/KOGE pair, involving large token withdrawals that drained liquidity and triggered a liquidity cascade.
💥 Whale Activity & Binance Alpha
On-chain data shows three major wallets pulled millions of KOGE and ZKJ, valued at roughly $7 million total, coinciding with a token unlock of 15.5 million ZKJ (June 19).
The event has fueled comparisons with historical collapses like Terra’s LUNA and fueled suspicion of market manipulation..
🔍 What to Monitor
1. June 19 token unlock — another 15.5 million ZKJ (~1.5% of supply) hits the market—a potential further downward trigger.
2. Polyhedra’s official follow‑up — will they offer transparency, adjust liquidity pools, or implement structural safeguards?
3. Binance’s Alpha program changes — will these reforms curb risky farming and reduce volatility?