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.
Governance Proposal
Almost entire day after the drop, the 48 Club launched a new governance proposal titled Proposal #174, suggesting that the club consider buying back KOGE “near its net asset value”. The post openly acknowledges the market crash but offers no commentary on what caused it.
The proposal is now open for community voting. This approach is rather unusual, particularly given the lack of any direct statement addressing the sudden 60% decline. So far, the team has still remained silent about whether the crash was related to internal actions or external market forces.
While the KOGE team has been quiet, Polyhedra team released a post-mortem and openly accused KOGE of causing the crash. Read more here.
