ZKJ (Polyhedra) and KOGE (48 CLUB) experienced a sharp decline of 50-80% between 8 PM and 9 PM Taiwan time on June 15th. These trading pairs gained attention primarily because in the Binance Alpha activity, ZKJ's price was very stable, and many people would directly trade ZKJ with other Alpha tokens to create double trading volume. After Binance announced on June 11th that liquidity pool additions would also count towards points, many users added ZKJ/KOGE liquidity pools, suffering severe losses in this event.
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ToggleLiquidity Providers Join Binance Alpha
On June 11th, Binance announced that liquidity providers can earn alpha points if one side of the token pair on Pancake Swap is an alpha token. From this point, Binance Alpha expanded from a pure volume competition to include LP (liquidity provider) participation. Since ZKJ and KOGE tokens had unusually stable prices, many people chose to add liquidity to the ZKJ/KOGE trading pair.
On the other hand, due to volume trading between these two alpha tokens being twice as efficient as USDT trading pairs, many people also chose the relatively stable ZKJ/KOGE trading pair.
ZKJ Price Remains Stable, KOGE Represents 48Club
ZKJ (Polyhedra) might be more familiar to the public, having proposed the AI chain EXP Chain earlier this year. In 2025, its focus was mainly due to its unusually stable price, even standing firm during market downturns.
KOGE is a token issued by 48 Club, a veteran DAO on the BNB chain. Its representative is 48 Club Ian. The day before yesterday, 48 Club stated that KOGE has been fully circulated since day one, and 48Club never promised not to sell KOGE, just as Binance never promised not to sell BNB.
ZKJ Short Position Laid Out for Half a Year, Alpha Token Trading Pairs Enter History
According to on-chain analysis, several addresses withdrew from the ZKJ/KOGE liquidity pool and exchanged KOGE for ZKJ. This effectively dumped KOGE and bought ZKJ, causing KOGE's price to collapse, and then further clearing out ZKJ. The reason for first dumping KOGE was that ZKJ has access to centralized exchanges with more diverse exit strategies, while KOGE only exists on-chain, so they first used the ZKJ/KOGE trading pair to offload.
Some believe it was KOGE whales dumping, while others think it was a coordinated action. Bane pointed out that the holder of a large ZKJ uncleared short contract is clearly a single entity, and there were no obvious signs of opening before the dump. This large position had been accumulated since January.
Binance also released an announcement, stating that they noticed the significant price fluctuations of ZKJ and KOGE. To maintain market fairness and stability and reduce systemic concentration risk, Binance will adjust the Alpha points calculation rules. From June 17th, 2025, 00:00 (UTC), trading volume between Alpha tokens will no longer be counted in Alpha points calculation.
Risk Warning
Cryptocurrency investment carries high risk, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
