This article will be updated with new developments.
Together with the abrupt collapse of Polyhedra Network’s ZKJ token, another Alpha Launchpad token, 48 Club’s KOGE, experienced a similar sharp decline. KOGE fell from around $62 to as low as $25 within hours, marking a nearly 60% intraday loss. The two events are closely linked, both in timing and market mechanics, and both were acknowledged by Binance.
To make things worse, just a day before this sudden crash, the team behind 48 Club Token (KOGE) posted a message that many now find difficult to ignore, especially considering the current silence from the team.
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Binance Comments on the Volatility
Shortly after the crash, Binance issued a public statement referencing both ZKJ and KOGE. According to the exchange, the sudden price movements were triggered by “large holders removing on-chain liquidity”, followed by liquidation cascades across markets.
These developments raised concerns over concentration risk and prompted Binance to adjust its Alpha Points rules. Beginning June 17, trading volume between Alpha tokens will no longer count toward Alpha Points calculation.
Read also: Polyhedra Network (ZKJ) Crashes 80% in an Hour
KOGE’s Background
KOGE was introduced via Binance’s Alpha Launchpad in December 2024. Until this weekend, the token had maintained relatively consistent pricing, fluctuating in the $47–$67 range over the past month and reaching a new all-time high.
Like Polyhedra, KOGE was featured prominently as a part of Binance’s strategy to highlight early-stage tokens through its Alpha program, which prioritizes experimental or fast-growing projects with engaged communities.
A Brief, Controversial Tweet from the Team
While Polyhedra issued a formal comment and indicated ongoing investigation, the 48 Club team took a more concise approach. On June 14, one day before the crash, they posted the following on their official X account:
The timing and tone of the message, paired with the absence of follow-up communication since the crash raises serious questions. Though it should be said that remains unclear whether any large token sales were made by team-affiliated wallets.
No Comments on the Drop
The 48 Club team has since posted a new message – not to address the price collapse, but to announce a trading competition. The timing has raised eyebrows, although the post may have been pre-scheduled or automated.
Still, the lack of any direct comment on the crash itself stands in contrast to the response from Polyhedra, whose team acknowledged the volatility and promised further investigation. For now, the silence from 48 Club leaves key questions unanswered.
Market data shows no meaningful recovery in KOGE’s price so far, and without additional clarity, investor sentiment remains uncertain.
