Analyst: Tonight’s ZKJ and KOGE Flash Crash May Be a Long-Planned Profit-Taking Operation

According to on-chain data analyst Ai Yi (@ai_9684xtpa), tonight’s flash crash of ZKJ and KOGE may have been a long-planned liquidation operation. Three main addresses targeted the massive trading volumes and liquidity of these two tokens under the CEX context, and tonight, through the dual pressure of “large-scale liquidity withdrawal + continuous selling,” both ZKJ and KOGE crashed in succession, with none spared. 1. Address 0x1A2...27599 withdrew bilateral liquidity in two batches at 20:28:21 and 20:33:15: 61,130 KOGE (about $3.76 million) and 273,017 ZKJ (about $532,000). Between 20:28:58 and 20:36:57, 45,470 KOGE were swapped for ZKJ, worth $3.796 million, during which KOGE’s on-chain trading volume saw a significant increase. From 20:30:57 to 20:59:49, a total of 1.573 million ZKJ were sold in batches for USDT and BNB, worth $3.052 million, with an average selling price of $1.94. At this point, both KOGE and ZKJ experienced a slight, stepwise decline, but not a sharp drop.

2. Address 0x078...8bdE7 withdrew bilateral liquidity at 20:30:33: 33,651 KOGE (about $2.07 million) and 709,203 ZKJ (about $1.38 million). Between 20:31:10 and 20:58:18, 36,814 KOGE were swapped for ZKJ, worth $2.26 million. From 20:35:15 to 20:37:34, 1 million ZKJ were sold, worth $1.948 million, with an average selling price of $1.948. The “relay-style dumping” by this address finally triggered a rapid drop in KOGE’s price, which is reflected in the series of large red candles on the K-line chart that everyone saw. 3. Address 0x6aD...e2EBb received 772,759 ZKJ, worth $1.5 million, from address 0x078...8bdE7 (the previous dumping address) at 20:41:55. Between 20:42:28 and 20:50:16, it liquidated 772,000 ZKJ. The main role of the third address was to coordinate, further accelerating the decline of ZKJ after KOGE’s crash, thus completing the liquidation of both tokens’ LPs and holders.