TechFlow, on June 15, on-chain data analyst Ai Auntie (@ai_9684xtpa) posted further analysis regarding tonight's flash crash events involving KOGE and ZKJ:
1. Why dump KOGE first before dumping ZKJ?
The most important reason might be that ZKJ has a contract, allowing them to short on exchanges while simultaneously dumping on-chain; secondly, from a liquidity perspective, ZKJ has slightly better liquidity, meaning more funds are required for the dump.
2. Why did the dumping start at 8:30 PM, yet the price charts of both tokens showed delayed reactions?
Both ZKJ and KOGE are famously known for excellent liquidity and stable prices, so their LP ranges are extremely narrow. After massive sell-offs breach this range without sufficient capital to absorb the sell orders, a flash crash becomes inevitable. As LPs see the price drop, panic-driven withdrawals occur, creating a vicious cycle that further collapses the token price. What about those LPs who haven't exited yet? They're stuck holding ZKJ and KOGE, trapped in losses.
3. Why choose tonight to initiate the dump?
Ai Auntie speculates that Alpha's declining trading volume over recent days may have been a trigger. Exiting as a large LP is also a "race to escape," especially since ZKJ and KOGE have few true believers—most participants are only chasing yield. Thus, the collapse of this structure requires only one support pillar to break.
