what went wrong at Polyhedra?

• Polyhedra Network (ZKJ) price fell 83% in 24 hours amid an abnormal liquidity crisis.
• ZKJ price hit lows of $0.26, with multiple top holders experiencing massive losses.
• The short term outlook for ZKJ price is largely bearish.

Polyhedra Network (ZKJ) price plunged more than 83% in 24 hours, hitting lows of $0.26 amid massive profit-taking.

As of June 16, 2025, the Polyhedra Network’s ZKJ token traded around $0.34 after experiencing a slight uptick.

However, the dramatic decline that had ZKJ plummeting from its recent highs of $2 to a low of $0.26 meant sellers remained largely in control.

The daily volume was down 61% to $1.23 billion.

ZKJ price crash: what happened?

The crash of Polyhedra Network (ZKJ) came amid a wider crypto market sell-off, largely amid investor concerns over escalating tensions between Israel and Iran.

But while these news developments precipitated the decline for BTC, Polyhedra price was seeing downside action amid a series of abnormal on-chain transactions.

Dear Polyhedra community — we want to emphasize that the fundamentals of Polyhedra remain strong, both in our technology and in the incredible support from our community. We’re continuing to build and push forward as planned.
Today’s price drop was caused by a series of abnormal…

— Polyhedra (@PolyhedraZK) June 15, 2025

As an initial Binance investigation indicated, the Polyhedra Network token ZKJ and its KOGE pair experienced significant volatility.

“In order to maintain market fairness and stability and reduce systemic risks of concentration, Binance will adjust the calculation rules of Alpha Points.

Starting from 00:00 UTC on June 17, 2025, the trading volume of trading pairs between Alpha tokens will no longer count towards Alpha Points calculation,” Binance notified its users.

On-chain data showed large holders withdrawing liquidity from the ZKJ/KOGE trading pair, triggering a liquidation cascade that impacted most traders. Lookonchain highlighted this sharp liquidity reduction in the KOGE/ZKJ pair.

“Before the $ZKJ crash, many wallets had already started to remove liquidity from $ZKJ and $KOGE, exchanging $KOGE for $ZKJ and dumping $ZKJ.

The liquidity pull and aggressive selling triggered a price drop, causing a wave of liquidations for $ZKJ longs. Six traders were each liquidated for over $1M,” Lookchain posted on X.

ZKJ price weakness also comes amid the notable token unlock event, with 15.53 million ZKJ tokens coming into circulation.

What next for ZKJ price?

As with most altcoins, the immediate outlook for ZKJ is largely negative.

Current market data reflects a bearish trend. Apart from global market jitters, technical indicators suggest potential further declines below $0.25 in the short term.

However, ZKJ may see a recovery to the range of $0.30-$0.40, particularly with liquidity back. Binance’s regulatory adjustments may also influence trading dynamics.

Long-term prospects will depend on the resolution of manipulation allegations and the network’s strategic response.

An improvement in market sentiment could be an additional spark.

Currently, the price of Polyhedra Network is 96% off its all-time high of $9.56 reached in March, 2024.