A naukri.com initiative
TronWeekly
4w
186
Image Credit: TronWeekly
Polyhedra Token ZKJ Falls 80% as Binance Liquidity Providers Exit
- Polyhedra's ZKJ token crashed over 80% as Binance Alpha liquidity providers exited, leading to concerns over token stability and project liquidity.
- The crash was triggered by the KOGE/USDT liquidity pool running out of funds, trapping liquidity providers and causing panic selling.
- On-chain analyst @ai_9684xtpa suggested that whale manipulation may have played a significant role in the token's price crash.
- Users rushed to swap KOGE for ZKJ to avoid losses after the liquidity pool failure, resulting in a sharp decline in ZKJ's price.
- The sudden drop of Polyhedra's ZKJ token wiped off nearly $500 million in market cap within hours.
- Major holders withdrew significant amounts of KOGE and ZKJ tokens before the crash, adding to suspicions of planned manipulation.
- Reports suggest that the KOGE team's failure to supply USDT to the pool contributed to the liquidity crisis.
- The influx of sell trades and lack of liquidity caused by the KOGE/USDT pool issues led to the ZKJ token crashing.
- Polyhedra Network is investigating the crash and plans to release more information regarding the unusual trading activity.
- The crash coincided with the unlocking of 15.53 million ZKJ tokens, adding to the selling pressure and market instability.
- Investors expressed frustration and lost faith in the project's liquidity systems due to the unexpected crash.
- The community reacted strongly to the crash, labeling it as a 'rug from both sides' event.
- Despite the crash, Polyhedra Network acknowledged the unusual activity involving the ZKJ/KOGE pair, citing it as the cause of the price fall.
- Concerns remain high about Polyhedra's token stability and the future of the project following the significant price decline.
- The heavy selling coincided with the release of a large number of ZKJ tokens, amplifying market concerns and suspicions of manipulation.
Read Full Article
11 Likes
For uninterrupted reading, download the app