<ul data-eligibleForWebStory="true"><li>Polyhedra Network's ZKJ token has plummeted 91% due to abnormal on-chain activity and liquidity issues.</li><li>Binance attributes the token crash to whale exits and a resulting liquidation cascade.</li><li>Concerns are raised about liquidity risks, tokenomics, and the impact of large holders in DeFi.</li><li>The ZKJ token dropped from $2.00 to $0.2676 in less than 24 hours, wiping out nearly $500 million in market cap.</li><li>The crash began with abnormal transactions on Polyhedra's ZKJ/KOGE pair, leading to an 83% price drop.</li><li>Large KOGE withdrawals triggered a liquidity crisis, intensifying the sell-off and price decline.</li><li>Whale activity, including massive withdrawals and margin calls, exacerbated the sharp decline.</li><li>Binance has revised its Alpha Points rules for ZKJ and KOGE to minimize systemic risks.</li><li>An upcoming token unlock of 15.5 million ZKJ tokens on June 19 adds to bearish sentiment.</li><li>This unlock, valued at $10 million, could flood the market, potentially causing another steep drop.</li></ul>

Polyhedra’s ZKJ token collapses following ‘abnormal on-chain activity’

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