It’s been a full week since the abrupt collapse of Polyhedra’s ZKJ token – and so far, any hopes of a meaningful recovery have been short-lived.
On June 15, the token lost over 80% of its value in under an hour. Since then, it’s continued to slide. Today, ZKJ hit a new all-time low, now trading around $0.24, marking a 25% drop just since the post-crash stabilization. And while some of the weakness could be attributed to the wider market falling from tensions in the Middle East, the scale of the drop suggests the project is still battling a major confidence problem.
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Recent Developments
Polyhedra’s official X account has stayed active since the crash, regularly posting technical updates, protocol milestones, and highlights of the project’s vision. But for investors who lost nearly everything, that likely hasn’t been enough.
The more substantial responses have come from Polyhedra co-founder Tiancheng Xie, who has been vocal – and increasingly combative – in his personal posts. In one message, he promised an acceleration of work on an auditable privacy DEX, leveraging ZK-proofs to allow confidential trading with on-chain verifiability.
He also addressed the prospect of a buyback, saying shortly after the crash:
However, no official buyback program has been announced yet – and that may be a sticking point. Many community members seem to be waiting for actual market intervention before re-entering.
Still Blaming KOGE
Xie also continues to claim that the crash was triggered by structural issues in the ZKJ/KOGE trading pair – and that KOGE’s lack of liquidity shifted sell pressure onto ZKJ. In one strongly worded post written in Chinese, he again insisted the KOGE team deflected blame:
KOGE Climbs Back
What makes Polyhedra’s extended decline even more frustrating for holders is the comparison to KOGE. While KOGE also collapsed on June 15, dropping nearly 60%, it has since recovered roughly half of that drop, gaining more than 50% from its bottom. It’s still well below pre-crash levels, but trending in a better direction.
ZKJ, on the other hand, has seen no such bounce. After a brief attempt to break back above $0.60 early in the week, the rally failed. Today’s new low suggests the market is still uneasy – and waiting for stronger action from the team.
Looking Ahead
So far, Polyhedra has issued a post-mortem, blamed a liquidity attack, and promised future upgrades. But without direct intervention – such as the promised buyback – sentiment remains shaky. Investors aren’t just looking for an explanation anymore – they’re waiting for results.
