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** The Illusion of Stability

The Polyhedera network’s $ZKJ token collapsed by 83% in under an hour, plunging from $2 to around $0.30 — but the warning signs were there.

1/. Why $ZKJ Seemed “Stable”:

- Over $20 million in liquidity
- Extremely low slippage, allowing near-instant trades
- Massively promoted by influencers and traders
- Labeled the “perfect stablecoin” for farming Binance Alpha points
- Reached a market cap 3x larger than zkSync

2/. The Red Flags Everyone Ignored:

- No real business model or revenue streams
- Little genuine community activity or transparency
- Growth driven mostly by artificial incentives rather than utility

Behind the scenes, $ZKJ was a speculative bubble disguised as stability.

** The Collapse and Coordinated Dump 

The downfall began with "a series of wallet actions" that appear to have been coordinated.

1/. Key Wallet Activity:

A. Wallet 0x1A29…27599

* Withdrew 61,130 KOGE (\$3.76M) and 273K ZKJ
* Swapped KOGE into ZKJ (\~\$3.8M) to create fake volume
* Dumped 1.57M ZKJ (\~\$3.05M), crashing the price

B. Wallet 0x0781…8bdE7

* Withdrew 33,651 KOGE and 709K ZKJ
* Swapped KOGE into ZKJ (\~\$2.26M)
* Sold 1M ZKJ (\~\$1.95M), intensifying pressure

C. Wallet 0x6aD…e2EBb

* Received and quickly sold 772K ZKJ (\~\$1.5M)
* Completed the “relay dumping” strategy

2/. Simultaneous Token Unlock:

* An additional **15.53 million ZKJ** tokens were unlocked
* Increased supply during panic caused **cascading liquidations**

3/. Impact on Related Tokens:

$KOGE, closely tied to ZKJ through shared liquidity, also suffered significant losses