ZKJ (Polyhedra) and KOGE (48 CLUB) plummeted 50~80% from 8 to 9 p.m. Taiwan time on June 15. The reason why these two trading pairs have attracted attention is mainly due to the Binance Alpha event, due to the very stable price of ZKJ, many people will directly trade ZKJ and other alpha token trading pairs to create twice the trading volume. After Binance announced on June 11 that the addition of liquidity pools was also counted as points, many users added ZKJ/KOGE liquidity pools, and suffered heavy losses in this event.
Liquidity providers join the Binance Alpha ranks
On June 11, Binance announced a liquidity pool on Pancake Swap, where liquidity providers can earn alpha points if the token is alpha to one of the parties. At this point, Binance Alpha has gone from a simple brushing competition to a group of LPs ( liquidity providers ) participation. Due to the unusually stable prices of ZKJ and KOGE tokens, many people choose to add ZKJ/KOGE trading pair liquidity.
On the other hand, due to the amount of brushing between two alpha tokens, the efficiency is twice that of brushing USDT trading pairs, and many people also choose relatively stable ZKJ/KOGE trading pairs.
ZKJ price stands firm against the trend, KOGE represents 48Club
ZKJ (Polyhedra) may be more familiar to the public, having proposed the AI chain EXP Chain at the beginning of the year. The attention in 2025 is mainly due to its unusually stable price, even standing firm against the trend when the market falls.
(Polyhedra launches EXPchain for artificial intelligence applications, analyzing the necessity of on-chain AI models and the decentralized zk proof generator)
KOGE is a token issued by 48 Club, and 48 Çlub is a veteran DAO on the BNB chain. The representative figure is 48 Club Ian. The day before yesterday, 48 Club only posted that KOGE has been in full circulation since the first day, and 48Club has never promised that it will not sell KOGE. Just like Binance also didn't promise not to sell BNB.
ZKJ short position has been laid out for half a year, alpha Token trading pair has entered history.
According to on-chain analysis, several addresses withdrew from the ZKJ/KOGE liquidity pool and exchanged KOGE for ZKJ. This is akin to a big dump of KOGE and buying ZKJ, causing the price of KOGE to crash, followed by further liquidation of ZKJ. As for why KOGE was dumped first, it is mainly because ZKJ has listings on centralized exchanges, providing more diverse means to exit liquidity. In contrast, KOGE only exists on-chain, so they first used the ZKJ/KOGE trading pair to offload.
Some believe that it is the KOGE whales who are dumping, while others think it may be a collusion action. Bane pointed out that the obvious large short positions of ZKJ unhedged contracts are held by a single entity, and there were no significant signs of opening positions before the dump; this large position has been accumulating since January.
Binance also issued an announcement, saying that in order to maintain market fairness and stability and reduce systemic concentration risk, Binance will adjust the alpha points calculation rules, starting from 00:00 (UTC) on June 17, 2025, the trading volume of trading pairs between alpha tokens will no longer be counted in the alpha points calculation.
This article lost $500 million in Polyhedra market cap to change Binance Alpha rules! Behind the bookmaker layout for half a year? It first appeared in Chain News ABMedia.
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Polyhedra market capitalization evaporates 500 million USD changing Binance Alpha rules! Has the market maker been laying out plans for half a year?
ZKJ (Polyhedra) and KOGE (48 CLUB) plummeted 50~80% from 8 to 9 p.m. Taiwan time on June 15. The reason why these two trading pairs have attracted attention is mainly due to the Binance Alpha event, due to the very stable price of ZKJ, many people will directly trade ZKJ and other alpha token trading pairs to create twice the trading volume. After Binance announced on June 11 that the addition of liquidity pools was also counted as points, many users added ZKJ/KOGE liquidity pools, and suffered heavy losses in this event.
Liquidity providers join the Binance Alpha ranks
On June 11, Binance announced a liquidity pool on Pancake Swap, where liquidity providers can earn alpha points if the token is alpha to one of the parties. At this point, Binance Alpha has gone from a simple brushing competition to a group of LPs ( liquidity providers ) participation. Due to the unusually stable prices of ZKJ and KOGE tokens, many people choose to add ZKJ/KOGE trading pair liquidity.
On the other hand, due to the amount of brushing between two alpha tokens, the efficiency is twice that of brushing USDT trading pairs, and many people also choose relatively stable ZKJ/KOGE trading pairs.
ZKJ price stands firm against the trend, KOGE represents 48Club
ZKJ (Polyhedra) may be more familiar to the public, having proposed the AI chain EXP Chain at the beginning of the year. The attention in 2025 is mainly due to its unusually stable price, even standing firm against the trend when the market falls.
(Polyhedra launches EXPchain for artificial intelligence applications, analyzing the necessity of on-chain AI models and the decentralized zk proof generator)
KOGE is a token issued by 48 Club, and 48 Çlub is a veteran DAO on the BNB chain. The representative figure is 48 Club Ian. The day before yesterday, 48 Club only posted that KOGE has been in full circulation since the first day, and 48Club has never promised that it will not sell KOGE. Just like Binance also didn't promise not to sell BNB.
ZKJ short position has been laid out for half a year, alpha Token trading pair has entered history.
According to on-chain analysis, several addresses withdrew from the ZKJ/KOGE liquidity pool and exchanged KOGE for ZKJ. This is akin to a big dump of KOGE and buying ZKJ, causing the price of KOGE to crash, followed by further liquidation of ZKJ. As for why KOGE was dumped first, it is mainly because ZKJ has listings on centralized exchanges, providing more diverse means to exit liquidity. In contrast, KOGE only exists on-chain, so they first used the ZKJ/KOGE trading pair to offload.
Some believe that it is the KOGE whales who are dumping, while others think it may be a collusion action. Bane pointed out that the obvious large short positions of ZKJ unhedged contracts are held by a single entity, and there were no significant signs of opening positions before the dump; this large position has been accumulating since January.
Binance also issued an announcement, saying that in order to maintain market fairness and stability and reduce systemic concentration risk, Binance will adjust the alpha points calculation rules, starting from 00:00 (UTC) on June 17, 2025, the trading volume of trading pairs between alpha tokens will no longer be counted in the alpha points calculation.
This article lost $500 million in Polyhedra market cap to change Binance Alpha rules! Behind the bookmaker layout for half a year? It first appeared in Chain News ABMedia.