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Big get dumped in two tokens of Polyhedra
Significant drops were observed in the network's own token ZKJ of Polyhedra Network, which operates in the field of interoperability between blockchains and zero-knowledge proofs, as well as in another token of the network, KOGE.
Since yesterday, in the observed declines, ZKJ has lost more than %8, and KOGE, known as the "48 Club token," has lost more than %55.
According to on-chain data, the massive sell-offs by three major whale wallets collecting Binance Alpha points were the biggest reason for the dumps yesterday. According to the data;
The "0x1A29" wallet holds approximately 3.7 million dollars worth of 61,130 KOGE and 532 thousand dollars worth of 273,017 ZKJ,
The wallet "0x0781" holds 33,651 KOGE worth 2 million dollars and 709,203 ZKJ worth 1.4 million dollars.
A third wallet sold 772,759 ZKJ tokens worth 1.5 million dollars.
Coincided with the unlocking
All these sales coincided with a lock release during the same period, during which 15.53 million new ZKJ tokens entered circulation. This situation caused the dump to be much more severe.
Statement from Binance and Polyhedra
In a statement from Polyhedra Network, it was expressed that the network is functioning smoothly and that the sales are due to abnormal transactions on the chain. The project team also stated that they would provide further information on the matter later.
Binance has also not remained indifferent to the issue and announced that it will change the points system on the Binance Alpha platform starting from tomorrow.
ZKJ is trading at $0.32 after a 84% drop in the last 24 hours, while KOGE is trading at $28 after a 55% drop during the same period.
Published: June 16, 2025 09:16