If ever a chap thought he was pursuing riches and awoke to find his pockets stuffed with mothballs, it’s the thoroughly biffed holders of Polyhedra Network’s ZKJ. The thing didn’t just tumble, it took the sort of headlong dive that would make a lemming blush – nosediving a colossal 80% in no more time than it takes Aunt Agatha to sniff out a half-baked alibi at the Drones Club. Result? The community, previously throbbing with optimism, is now clutching their pearls and searching for fainting couches, having watched $439 million in market cap turn into financial eau de cologne – gone in a puff. 💨
Not a century (or indeed, a Tuesday evening) ago, ZKJ was basking around $2, occupying a decent pew in the top 300 cryptos, and likely buying itself fancy hats. Now? Well, it’s hunkered down below $0.38, market cap in tatters at a mere $111 million, and no doubt feeling rather sorry for itself.
The Great Unpleasantness: Who Let the Whales Out? 🐋🚪
So, what set off this nautical catastrophe? To put it mildly, some crypto whales – creatures known for making more waves than a hot tub full of politicians – decided to dump their ZKJ and its chum, KOGE tokens, in the blockchain equivalent of a boot sale. The always eagle-eyed sleuths at LookonChain reported a curious exodus: whales yanking liquidity out of both assets with all the subtlety of a marching band in a library.
1/ $ZKJ plummeted by over 63%, with more than $99M liquidated.
What happened — and who triggered the crash?
— Lookonchain (@lookonchain) June 15, 2025
With the deft touch of a cat burglar, six major wallets passed KOGE to ZKJ and promptly flogged 5.23 million of the stuff, pocketing about $9.66 million and leaving everyone else clinging to what looked suspiciously like magic beans. The resulting liquidity drain saw long positions liquidated faster than Jeeves can whip up a restorative cocktail, with six brave souls each taking a million-dollar soaking.
And for those still clinging to hope? More than $2 million worth of ZKJ shuffled off to centralized exchanges in less than a day, prompting the sort of panic last seen when Aunt Dahlia’s prize pig got loose.
Anguished Cries and Sarcasm on X 🐦
If timing is everything, then this disaster couldn’t have booked a better slot: just ahead of a scheduled token unlock on June 19. The community (formerly sun-drenched and bullish) is now raining on Polyhedra’s parade with all the restrained dignity of an angry rhinoceros.
Trader RozeFi, his sarcasm cranked to eleven, likened ZKJ’s faceplant to Mantra’s OM crash, and accused the Polyhedra outfit of cooking the books so thoroughly that even Bertie Wooster would’ve raised an eyebrow.
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…
— 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,” RozeFi opined, no doubt while shaking his fist at the sky and cursing whichever ancient ancestor first bought a digital coin.
Will ZKJ bounce back or is it headed for the same cosmic dustbin as those Beanie Babies you found in the attic? Stick around – crypto drama never disappoints, even if your wallet says otherwise. 🤷♂️🪙
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2025-06-16 21:30