Was the recent 83% crash behind $ZKJ's flash crash? The real story behind the $ZKJ flash crash: whales teaming up to dump, fake trading volume to manipulate prices, market amnesia

Polyhedera's token $ZKJ plummeted from $2 to $0.3 in less than an hour, a drop of 83%, causing a market shock. This wasn't just market volatility but a systemic collapse with signs.

In the past month, $ZKJ was traded almost like a stablecoin, with liquidity reaching $20 million, making it a popular tool for farming Binance Alpha points. It even had a market cap that once surpassed zkSync, with some KOLs describing it as "Alpha stablecoin," constantly promoting it and attracting a lot of trading capital. This high level of trading would eventually lead to a drop due to declining rewards, and $ZKJ had no real active community, relying mostly on rewards to support the price.

Just before the crash, while the market was still under the illusion of "steady gains without losses," multiple whale wallets began moving their tokens. The whales first withdrew large amounts of $KOGE and $ZKJ, then manipulated the liquidity through fake trading volume, and subsequently sold a large number of tokens, causing a rapid price collapse. A simultaneous release of 15.53 million $ZKJ tokens flooded the market, ultimately triggering a chain reaction of panic and liquidation.

Although $KOGE, which is highly correlated with $ZKJ, did not stabilize simultaneously, its liquidity pool structure was severely affected. This collapse was caused by idle liquidity mining and organized liquidation actions.