Whale Exodus and Sudden Crash Spark Rug Pull Fears Around $ZKJ Token
The post Whale Exodus and Sudden Crash Spark Rug Pull Fears Around $ZKJ Token appeared on BitcoinEthereumNews.com. In a stunning overnight drop, the value of Polyhedra Network’s native token, $ZKJ, crashed more than 80%, sending shockwaves through the DeFi space and leaving behind over $99 million in liquid liquidations. What just last week was being pointed to as one of the most profitable farming tokens—and especially one that was yielding Binance Alpha Points when paired with $KOGE—has now sparked a heated (and some would say unpleasant) debate among investors and analysts about whether this was a real market crash or just a well-orchestrated rug pull. A Sudden Fall From Grace Only a few days ago, $ZKJ was being lauded in the DeFi world for its exceptional performance and interesting yield opportunities. It was being praised for how it had integrated into Binance’s Alpha Points system, and users were going wild adding $ZKJ and $KOGE to their liquidity pools to earn the maximum possible rewards. And then, in just a few hours, all of that changed. The token crashed below $0.40, descending from a prior height close to $2.00, with numerous owners taken by surprise at the quickness and size of the drop. Those following the crash allege it was not an accidental event. Instead, they cite as the cause of the event large holders of the token—whale accounts—who apparently decided to dump their holdings just before the token started crashing. Onchain Data Reveals $ZKJ Whale Dumping Activity According to on-chain analytics from Key Insight Display (KID), several wallets holding significant amounts of $ZKJ began to shift their assets in the hours leading up to the crash. One wallet, flagged by DexCheck, added about $58,000 of $ZKJ to a liquidity pool at around $1.90, only to turn around and sell the same amount barely an hour later. Soon after, the same address exited from the liquidity pool, taking…
The post Whale Exodus and Sudden Crash Spark Rug Pull Fears Around $ZKJ Token appeared on BitcoinEthereumNews.com.
In a stunning overnight drop, the value of Polyhedra Network’s native token, $ZKJ, crashed more than 80%, sending shockwaves through the DeFi space and leaving behind over $99 million in liquid liquidations. What just last week was being pointed to as one of the most profitable farming tokens—and especially one that was yielding Binance Alpha Points when paired with $KOGE—has now sparked a heated (and some would say unpleasant) debate among investors and analysts about whether this was a real market crash or just a well-orchestrated rug pull. A Sudden Fall From Grace Only a few days ago, $ZKJ was being lauded in the DeFi world for its exceptional performance and interesting yield opportunities. It was being praised for how it had integrated into Binance’s Alpha Points system, and users were going wild adding $ZKJ and $KOGE to their liquidity pools to earn the maximum possible rewards. And then, in just a few hours, all of that changed. The token crashed below $0.40, descending from a prior height close to $2.00, with numerous owners taken by surprise at the quickness and size of the drop. Those following the crash allege it was not an accidental event. Instead, they cite as the cause of the event large holders of the token—whale accounts—who apparently decided to dump their holdings just before the token started crashing. Onchain Data Reveals $ZKJ Whale Dumping Activity According to on-chain analytics from Key Insight Display (KID), several wallets holding significant amounts of $ZKJ began to shift their assets in the hours leading up to the crash. One wallet, flagged by DexCheck, added about $58,000 of $ZKJ to a liquidity pool at around $1.90, only to turn around and sell the same amount barely an hour later. Soon after, the same address exited from the liquidity pool, taking…
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