Here’s why Polyhedra (ZKJ) crashed over 80% in an hour
The price of Polyhedra Network’s native token, ZKJ, known for its focus on scalability, plunged over 80% on Sunday, wiping out nearly $100 million in long positions within an hour. Before the crash, ZKJ was trading at $1.90. It then nosedived 83% to around $0.32 as of press time, marking one of the steepest single-day drops for any major cryptocurrency project this year. The sell-off slashed Polyhedra’s market cap to just $93.8 million, an 83.7% collapse. ZKJ one-day price chart. Source: CoinMarketCap How ZKJ crash unfolded According to on-chain data, the crash was triggered by a series of coordinated moves involving several large wallets. Liquidity was quietly drained from the ZKJ/KOGE trading pairs in the hours before the event. Traders began swapping KOGE for ZKJ, only to dump ZKJ back into the market immediately. Six whale wallets were at the storm’s center, offloading over 5.23 million ZKJ for $9.66 million. The sudden liquidity...