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The crypto community is discussing Sunday’s hottest topic — the 80% crash of ZKJ, the native token of the Polyhedra Network project.
On June 15, in the second half of the day, the ZKJ token rapidly lost value, plunging from $1.95 to $0.26 in just two hours — an 87% drop.
ZKJ price dynamics for 24 hours. Source: CoinMarketCap
As a result, the market capitalization of Polyhedra Network fell from over $700 million to $94 million, and the token dropped from the top 200 to rank #350 by market cap.
Polyhedra Network has been developing the zkBridge protocol for several years, enabling interoperability between Web2 and Web3 apps and connecting real-world assets (RWA) to Web3.
The project had gained attention from developers and investors. However, such a steep decline — reminiscent of the recent Mantra (OM) crash — may damage Polyhedra’s prospects of securing a strong market position.
Another negative signal for the market
The team stated they are investigating the situation and hinted that the ZKJ crash may be due to market manipulation:
"Today's price drop was triggered by a series of abnormal transactions within a short time in the ZKJ/KOGE pair," Polyhedra Network wrote on X.
They later reposted a Binance message stating that the volatility in ZKJ and KOGE resulted from "large liquidity withdrawals and cascading liquidations."
However, other sources suggest the root cause may lie within the project itself. On the eve of the crash, one wallet reportedly distributed around $40 million in ZKJ tokens to multiple addresses, most of which were dumped on exchanges.
At the time of writing, ZKJ was attempting a recovery and trading at $0.325 — suggesting a trajectory similar to Mantra.
As we wrote, OKX Wallet supports integration with Polyhedra Network
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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