Why did the Polyhedra project torte collapsed by more than 80%?

On June 15, 2025, the Polyhedra Network (ZKJ) project has collapsed by more than 80%. In addition, the cost of the KOGE asset fell by 50%. Lookonchain said that the withdrawal of liquidity and aggressive sale provoked a drop in prices.

According to them, several large wallets at once began to remove liquidity from ZKJ and KOGE pools. They exchanged KOGE for ZKJ, after which they aggressively sold the latter at market prices. Six large wallets dropped a total of 5.23 million ZKJ in the amount of about $ 9.66 million, noted in Lookonchain.

In addition, they added that a sharp drop in quotations caused a wave of liquidation of long positions. At least six players lost more than $ 1 million each, the report said.

The founder of Ap Collective, Abhishek Pava, noted that before the collapse ZKJ demonstrated the signs of a “ideal” score tool in the Binance Alpha program:

• liquidity of more than $ 20 million;
• minimum slippage during trade;
• High popularity among “drophanters” and traders.

According to him, after the period of artificial growth, supported by the active support of the influons, ZKJ became the goal of a speculative attack. He also noted that in addition to the sale of tokens, large players received another 15.53 million ZKJ, which increased pressure on the market.

Pava added that the collapse also touched the Koge token, which was associated with ZKJ through the common lights of liquidity. Despite the fact that “Koge had no stablecoin status,” he demonstrated such a dynamics against the background of the fall of ZKJ, the founder of AP Collective explained.

ZKJ has become an example of how speculative activity and the lack of a foundation can lead to collapse of prices, Pava said. According to him:

• liquidity was created artificially;
• demand was reinforced exclusively by “gamified stimuli”;
• Several addresses controlled a significant part of the turnover.

The Polyhedra Network team commented on the incident, saying that the fundamental foundations of the project remain strong – both from the technological side and thanks to the support of the community.

The Binance cryptocurrency exchange said that the collapse of tokens was the result of the withdrawal of liquidity by large investors and liquidations in the market. The team also announced a change in the Alpha Points accrual rule. In particular, from June 17, 2025, the trading volumes between the ALPHA-tokens pairs will no longer be taken into account by Alpha Points.

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