According to ChainCatcher, blockchain analyst Ai Yi posted an analysis on X platform about the sudden crash of KOGE and ZKJ tonight:
1. Why first crash KOGE and then ZKJ?
The most important reason might be that ZKJ has a contract, allowing them to short on exchanges and simultaneously dump on the chain; secondly, from a liquidity perspective, ZKJ has slightly better liquidity, and dumping requires more funds.
2. Why did the dumping start at 8:30, and why was the performance on the K-line delayed?
Both ZKJ and KOGE are known for good liquidity + stable coin prices, so their LP ranges are extremely narrow. After massive dumping through this interval without sufficient funds to absorb sell orders, a flash crash becomes inevitable. LPs seeing the price drop will also experience panic selling, creating a vicious cycle that further drives down the coin price; as for those LPs who haven't escaped yet? They're all trapped in ZKJ and KOGE.
3. Why choose tonight for the dump?
Ai Yi speculates that the consecutive days of declining Alpha trading volume might be the trigger, with massive LP exits being a "who can run faster" game, especially since ZKJ and KOGE holders have few believers, with everyone chasing interest. The collapse of such a structure only requires one supporting pillar to break.
