Key Notes
- ZKJ fell from $2 to $0.3772, wiping out over $439 million in market cap.
- Six whale wallets sold $9.66 million worth of token, sparking mass liquidations.
- Upcoming June 19 token unlock could put further pressure on the token price.
Polyhedra Network’s native token ZKJ suffered a freefall in the late hours of June 15, shedding nearly 80% of its value in just one day. This dump has sent shockwaves through the community and wiped out over $439 million the cryptocurrency’s market capitalization.
Before the crash to $0.3772, ZKJ was trading near $2. It was enjoying a comfortable spot in the top 300 cryptocurrencies. However, the token now sits outside that range with a significantly reduced cap of $111 million.
What caused zkj to freefall?
The sharp decline was triggered by a series of whale activity involving the dumping of ZKJ and KOGE KOGE $33.32 24h volatility: 14.5% Market cap: $110.09 M Vol. 24h: $280.35 M tokens. Blockchain analytics platform LookonChain revealed that several top wallets began removing liquidity from both assets prior to the plunge.
1/ $ZKJ plummeted by over 63%, with more than $99M liquidated.
What happened — and who triggered the crash? pic.twitter.com/cTFrNySw3v
— Lookonchain (@lookonchain) June 15, 2025
These accounts reportedly swapped KOGE for ZKJ, then rapidly sold ZKJ on the open market. In total, six major wallets collectively offloaded 5.23 million ZKJ tokens, netting around $9.66 million.
The aggressive sell-off resulted in a severe liquidity drain, adding to the downward pressure on ZKJ’s price. This triggered a wave of long position liquidations, with six traders each facing losses of over $1 million.
On-chain data suggests that more than $2 million worth of ZKJ was transferred to centralized exchanges within a 24-hour period. This exchange inflow has added to the mounting panic, raising concerns of an even deeper correction.
Community reacts
The timing of the incident is especially concerning given the upcoming token unlock scheduled for June 19. The Polyhedra community, once bullish on the ZKJ’s long-term potential, is now expressing disappointment on X.
Crypto trader RozeFi drew parallels between ZKJ’s collapse and the Mantra’s (OM) price crash in April. He accused the Polyhedra Network team of centralizing token supply from the beginning, claiming the project lacked genuine user adoption.
𓅭 Remember $OM ?
✥ Don't you feel the same scenario?
The insiders quietly controlled the entire supply from day one✥ There was never any real accumulation or organic demand. $ZKJ was engineered from the start as a pure exit liquidity machine
✥ What looked like a promising… pic.twitter.com/JwdHjZWmNB
— RozeFi (@DeFiRoze) June 16, 2025
“This wasn’t volatility – it was planned market manipulation. What looked like a stable token was just a rug waiting to be pulled,” the trader added.
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