Polyhedra Network (ZKJ) Price Nosedives 87% — Here’s Why It Happened

• Polyhedra Network’s price (ZKJ) crashed 87% on June 15.
• Its dump raised concerns about Binance’s Alpha program.
• Can ZKJ ever recover, or is the project doomed to fail?

Polyhedra Network (ZKJ) has fallen since its launch in April 2024. While the price began a rally in 2025, it regained only half its losses from the previous decline.

Nevertheless, the price was relatively stable for most of the year. This all changed on June 15, 2025, when an 87% price decline led to a new all-time low.

Let’s investigate the reasons why this happened and see if there is any possibility of a recovery ahead.

Why Did ZKJ Flash-Crash?

The main theory behind the ZKJ price decline concerns Binance Alpha points farming. The token dropped sharply once farmers accumulated enough points and decided to leave.

Binance Alpha has garnered criticism since its launch. Users claim it is designed like a reward system, but it drains users through constant trading and rising point requirements.

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The Polyhedra team also addressed the decline. According to the team, the token’s fundamentals remain strong, and the price decline happened because of a series of abnormal on-chain transactions on the ZKJ/KOGE pair.

KOGE is another token that declined nearly 90% and was part of Binance Alpha. A prominent theory is that professional farmers wash-traded between the pairs to farm points before dumping both.

Binance announced that trading between two alpha projects will no longer count toward points to remove the possibility of this happening in the future.

Another theory for the decline is that the team spread $40 million across a dozen addresses before dumping it on the market.

The sell-off was coordinated and exacerbated by a large token unlock.

The ZKJ price has bounced slightly since the decline, but is nowhere near regaining most of its previous losses.

What’s Next for ZKJ?

The ZKJ decline has caused a significant break in the price structure.

The price did not even bounce at the $1.10 horizontal support area, which contained liquidity for over six months between April and December 2024.

Instead, ZKJ fell to a new all-time low of $0.25, close to the 1.61 external Fibonacci retracement of the previous upward movement.

The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) fell to new all-time lows.

The $1.10 area will likely provide support in case of a bounce.

On the other hand, a close below $0.28 could trigger another sharp decline.

Uncertain Road Ahead

A combination of a coordinated sell-off, Binance Alpha points farming, and a lack of liquidity likely caused the ZKJ price dump.

ZKJ has fallen to a new all-time low and invalidated all its previous structure. A breakdown below $0.28 could pave the road to new lows.