According to @KookCapitalLLC, the crypto protocol Polyhedra saw its native token, ZKJ, plummet by over 80% following what the team described as a coordinated liquidity attack. The team's initial post-mortem cited several factors, including a significant attack on the ZKJ/KOGE liquidity pool on PancakeSwap. On-chain data reportedly confirmed that several addresses drained millions from the pool and subsequently dumped large quantities of ZKJ tokens, triggering a liquidity spiral. In response, the Polyhedra team injected approximately $30 million in USDT, USDC, and BNB to bolster DEX liquidity and announced a forthcoming buyback plan to restore market confidence. The team also affirmed that none of their own ZKJ holdings were sold during the incident.

According to @KookCapitalLLC, the recent wave of crypto initial public offerings (IPOs), particularly the success of Circle Internet Group Inc. (USDC), is signaling a major shift in market dynamics. Analyst Aaron Brogan suggests Circle's remarkable post-IPO rally, which pushed its market cap to $43.9 billion, can be attributed to several factors: favorable public market comparisons to companies like MicroStrategy, anticipated regulatory clarity from the U.S. Senate's GENIUS Act for stablecoins, and a lucrative macro environment with rising Treasury yields. This success has reportedly prompted other firms like Gemini and Bullish to pursue public offerings. In sharp contrast to this positive development, Polyhedra's ZKJ token experienced a severe downturn, plummeting over 80% following what the team described as a coordinated liquidity attack. In response, the Polyhedra team injected approximately $30 million in liquidity and announced a buyback plan to restore stability. Adding to the market picture, a survey from CoinShares, highlighted by CEO Jean-Marie Mognetti, reveals strong investor conviction, with nearly 90% of crypto holders planning to increase their allocations and seeking advisors with deep regulatory and risk management expertise.