Polyhedra Network’s native token ZKJ experienced a severe price collapse of over 83% on June 15, 2025, reaching an all-time low of approximately $0.3073. This dramatic fall was triggered by a series of abnormal on-chain transactions and a liquidity crisis associated with the ZKJ/KOGE trading pair. KOGE, a token issued by 48 Club DAO, is closely linked with ZKJ through shared liquidity pools and incentivized by Binance’s Alpha Points program.
The liquidity crunch began as the KOGE/USDT liquidity pool dried up, prompting traders to convert large amounts of KOGE into ZKJ. This flooded the ZKJ/USDT pool, triggering a cascading liquidation event where major holders pulled significant amounts of both KOGE and ZKJ from on-chain liquidity. The price of KOGE dropped from $62 to $24, while ZKJ plummeted from nearly $2 down to $0.30.
On-chain analysis revealed that wallets farming Alpha Points were heavily involved in withdrawing tokens, including one that removed 60,000 KOGE (about $3.7 million) and 273,000 ZKJ (about $530,000), with two others liquidating a combined total of $5 million. Compounding investor fears, an additional unlock of 15.5 million ZKJ tokens set for June 19 threatens to add approximately $10 million in sell pressure.
Polyhedra reassured the community that its fundamentals remain strong and that a comprehensive review of the incident is underway. Binance responded by adjusting its Alpha Points program, stating that from June 17 onward, trades between Alpha tokens like KOGE and ZKJ will no longer contribute to Alpha Points to limit similar liquidity imbalances. Binance also acknowledged that the price volatilities resulted from large holders removing on-chain liquidity, causing the liquidation cascade.
The 48 Club DAO has not commented on the crash but had previously disclosed no restrictions on token sales and confirmed KOGE’s full dilution at launch. DAO members criticized the project team, citing poor planning and lack of transparency. The future recovery of ZKJ hinges on Polyhedra’s ability to restore market stability, provide clarity on liquidity mechanisms, and rebuild investor trust to slow down the ongoing selloff and mitigate reputational damage.