Polyhedra said it’s investigating a massive plunge in the price of its governance token, which now sits at 31 cents, down from $2.
Polyhedra Network (ZKJ) plunged 83% on Sunday after a series of “abnormal on-chain transactions” involving the ZKJ/KOGE (KOGE) trading pair — a collapse Binance said was triggered by a sudden liquidity crunch.
“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,” Polyhedra posted to X on June 15 after ZKJ’s market cap fell nearly $500 million in nine hours, while another tracker shows the plunge happened in less than two.
Binance said the collapse of ZKJ and KOGE resulted from large holders removing tokens, causing a “liquidation cascade in the market.”
