And so, dear friends, the grand spectacle unfolded. Polyhedra Network’s ZKJ token, once a proud and mighty entity, came crashing down, losing nearly 60% of its value in a mere hour. The market capitalization, a whopping $360 million, vanished into thin air, leaving investors aghast and bewildered.
But wait, there’s more! KOGE, the governance token of 48 Club DAO, also took a nosedive, plummeting 50% in the same timeframe, and wiping out over $100 million in market cap. Ah, the joys of cryptocurrency trading! 🤪
The Great Liquidity Debacle
It all began when the KOGE/USDT liquidity pool was depleted, leaving liquidity providers high and dry. Panic selling ensued as investors scrambled to convert KOGE into ZKJ, hoping to salvage what was left of their investments.
According to whispers in the community, the KOGE team had failed to add USDT to its liquidity pool, triggering what some users wryly referred to as a “rug from both sides.” Ah, the classic “rug pull” – a time-honored tradition in the world of cryptocurrency! 🤣
With no USDT left in the KOGE pool, holders stampeded to offload KOGE into the ZKJ pool, which was still valiantly defended by its team. Alas, the rapid influx proved too much for the ZKJ/USDT pair, causing a domino effect that sent ZKJ’s price tumbling and investor confidence plummeting.
Why is $ZKJ dumping -41.1% today?
Price dropped to $1.164 with plunging volume & bearish momentumBinance Alpha volumes collapsed = whales & bots dominate
$32M unlock (5.3% supply) = major dilution pressure
RSI: 23.9 (oversold) but no bullish divergence yet
…— Mayank Dudeja (@imcryptofreak) June 15, 2025
The 48 Club DAO members, the masterminds behind KOGE, were apoplectic with rage, accusing the team of negligence and mismanagement. Social media was flooded with demands for accountability from both projects, with the phrase “rugged from both sides” trending within crypto circles. Ah, the outrage! The indignation! 🤯
This incident has left both ecosystems reeling, with users questioning the sustainability of their liquidity strategies. Ah, the doubts! The fears! 😱
Yes, $KOGE was fully diluted from day one.
And no — 48Club never promise we wouldn’t sell. Neither did Binance for $BNB, right?
Do your own research.
Take your own risk.— 48 Club (Est. ’17) (@48Club_Official) June 14, 2025
And if that weren’t enough, market structure added further pressure. A 5.3% ZKJ token unlock, worth $32 million, is scheduled later this week. Ah, the suspense! The anticipation! 🤔
With Binance Alpha volume collapsing, analysts warned that bots and whales dominate the order books, exacerbating volatility in both tokens. Ah, the warnings! The portents! ⚠️
The Tangled Web of ZKJ and KOGE
The crash highlights the intricate dance between ZKJ and KOGE. Both tokens are frequently paired in liquidity pools and used in farming strategies. Ah, the delicate balance! The intricate web! 🕸️
While ZKJ powers zkBridge and ZKP infrastructure, KOGE operates as a governance token for 48 Club—a group focused on BNB Chain DeFi. Recent coordinated farming and arbitrage activity had inflated volumes between the two, making them vulnerable to liquidity shocks. Ah, the risks! The rewards! 🤯
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2025-06-15 18:46