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The price of Polyhedra Network’s native ZKJ token plummeted over 83% in the past 24 hours following “abnormal on-chain transactions” for the ZKJ/KOGE trading pair.
“Today’s price drop was caused by a series of abnormal on-chain transactions within a very short period on the ZKJ/KOGE trading pair,” the project said in a June 15 post on its official X account.
ZKJ Price Drop Wipes Out Over $500M In Market Cap
ZKJ’s price fell from $1.98 to as low as $0.317763 in the past day. It has since managed a minor recovery to trade at $0.3258 as of 1:24 a.m. EST, CoinGecko data shows. Meanwhile, KOGE is down over 54% in the past 24 hours.
That ZKJ plunge wiped out more than $500 million from the project’s market cap, with the total market capitalization plummeting from around $609 million to a low of about $97.521 million.
Binance Attributes ZKJ Collapse To Large Holders Moving Tokens
Leading crypto exchange Binance investigated the ZKJ incident, and said in an X post yesterday that the collapse was a result of “large holders removing on-chain liquidity.” This then triggered a “liquidation cascade in the market,” the exchange added.
Binance is aware that ZKJ and KOGE have experienced significant price volatilities and our initial findings indicate the developments were a result of large holders removing on-chain liquidity, and liquidation cascade in the market.
In order to maintain market fairness and… pic.twitter.com/O89hpRVaQz
— Binance (@binance) June 15, 2025
Both ZKJ and KOGE were traded to earn Alpha Points as part of Binance’s scoring system and reward users within the Binance Alpha ecosystem and Binance Wallet.
Following the ZKJ/KOGE pair collapse, Binance has announced that it will adjust the calculation rules for its Alpha Points token rewards program from June 17 onwards.
“Starting from 00:00 UTC on June 17, 2025, the trading volume of trading pairs between Alpha tokens will no longer count towards Alpha Points calculation,” Binance said.
By doing so, the exchange says it will ensure market fairness and stability, while also reducing any potential “systemic risks of concentration.”
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