The cryptocurrency Polyhedra Network (ZKJ), released by the blockchain startup Polyhedra Network, has almost completely depreciated within an hour.
On June 15, traders sold a huge amount of ZKJ tokens, causing the coin's price to plummet by 84% between 4:00 PM and 5:00 PM Moscow time. After hitting a low of $0.26, the price of the digital asset corrected and is now $0.33, which is nearly five times lower than the value recorded before the dump.
The collapse of the value of Polyhedra Network
Today's drop in the [ZKJ] exchange rate was caused by a series of anomalous transactions completed in a short period of time, related to the trading pair ZKJ/KOGE. Members of our team are closely monitoring the situation and will share information as quickly as possible, representatives of Polyhedra Network stated.
The governance token of the decentralized autonomous organization BNB48 Club, called 48 Club Token (KOGE), mentioned in the statement from the creators of ZKJ, also fell victim to the bearish trend and decreased by 66% on Sunday. Employees of the Binance exchange explained the crash in the value of ZKJ and KOGE by stating that crypto whales suddenly got rid of their coins, thereby triggering a wave of liquidations of positions opened by other market participants.
Trader Ruslan Khayrullin placed the blame for the collapse of the Polyhedra Network price on the cryptocurrency developers. According to him, before the downward trend began, the startup employees distributed tokens worth $40 million among several cryptocurrency wallets involved in the dump. However, this information has not yet been confirmed.
