Recent Altcoin Declines on Binance

In recent months, some altcoins listed on Binance have experienced sudden and sharp declines, becoming a hot topic in the market.

A new development has emerged: there has been a significant decline in Binance Alpha tokens, specifically Polyhedra Network (ZKJ) and 48 Club Token (KOGE).

Binance stated that the drop in the Alpha tokens, ZKJ and KOGE, was due to large holders withdrawing their tokens, which triggered a wave of liquidation in prices.

Following these declines, Binance announced an important change in the Alpha program. Consequently, trading volumes between Alpha tokens will no longer contribute to the Alpha Score calculation.

As this decline continues to dominate market discussions, the Polyhedra Network team issued an official statement. They explained that the decrease was caused by abnormal transactions in the ZKJ/KOGE trading pair:

> “Dear Polyhedra community,
>
> We want to emphasize that the foundation of Polyhedra remains strong, both in our technology and the incredible support we receive from our community. We continue to build and move forward as planned.
>
> Today’s price drop was caused by a series of abnormal on-chain transactions that occurred within a very short period of time on the ZKJ/KOGE trading pair.
>
> Our team is closely monitoring the situation and will share more information as soon as possible. As always, thank you for your continued support.”

Some investors have linked the price drop to a recent token unlock, suggesting malicious intent on Polyhedra’s part. However, the KOGE team, 48 Club, clarified that KOGE has had no token locking from the onset and never promised to refrain from selling treasury assets.

ZKJ has fallen by 83% in the last 24 hours, trading at $0.34, while KOGE has dropped by 53%, trading at $29. Previously, there were notable sharp declines in other Binance-listed altcoins, including Dego Finance (DEGO), LEVER, OM, ACT, and TST.

*This is not investment advice.