Accurate analysis of the flash crash of cryptocurrency ZKJ and KOGE

Flash crash phenomena through intentional activities

On June 15, analysts indicated that the sudden collapse of ZKJ and KOGE could be the result of a long-term campaign to drain liquidity. Three main addresses exploited large transaction volumes and the liquidity of the two tokens in the context of Binance Alpha. The dual pressure of mass liquidity withdrawal and consecutive sell-offs caused the prices of ZKJ and KOGE to collapse rapidly, with no token escaping the storm.

Withdrawal and sell-off activities of the main addresses

Address 0x1A2…2759920

At 20:28:21 and 20:33:15, this address withdrew 61,130 KOGE, equivalent to approximately 3.76 million USD, along with 273,017 ZKJ, worth about 532,000 USD, through two parallel liquidity events. During the period from 20:28:58 to 20:36:57, the amount of KOGE converted to ZKJ exceeded 45,470 tokens, valued at 3.796 million USD. This transaction caused a significant increase in on-chain KOGE volume, reflecting the active exodus of speculators.

Address 0x078…8bdE7

From 20:30:33 to 20:59:49, this address withdrew 33,651 KOGE, worth 2.07 million USD, along with 709,203 ZKJ, valued at 1.38 million USD. Transactions during the period from 20:31:10 to 20:58:18 included a sale of 36,814 KOGE in exchange for ZKJ worth 2.26 million USD and a sale of 1 million ZKJ yielding 1.948 million USD, averaging a selling price of 1.948 USD per ZKJ. The continuous actions of this address significantly reduced KOGE's price, leading to consecutive devaluations.

"Relay dumping" transactions and their impact on the market

Transactions from address 0x6aD…e2EBb2

At 20:41:55, this address received 772,759 ZKJ from an address that had previously fallen into a negative state, worth approximately 1.5 million USD. Between 20:42:28 and 20:50:16, 772,000 ZKJ were wiped out. This activity created a significant psychological shock, severely reducing the price of ZKJ and causing investors to lose confidence, contributing to the sharp decline in KOGE's price – which was the final step of the liquidity "explosion."

Comprehensive analysis and impact of manipulation activities

The coordinated actions of these addresses created a domino effect, driving the collapse of the prices of both tokens. ZKJ and KOGE, which already had high liquidity, now faced immense sell-off pressure, resulting in losses worth millions of USD. This campaign demonstrates the importance of large speculators in cryptocurrency market manipulations, with rapid price fluctuations caused by illegal liquidity flow control activities.

Conclusion

This manipulation campaign is a clear demonstration of the dangers of the volatile cryptocurrency market. Investors need to be vigilant against opaque activities and always monitor large operations to avoid falling into sudden price traps. Analysts warn that such interventions may continue, requiring players to have good risk management strategies and a deep understanding of market manipulation techniques.

Source: https://tintucbitcoin.com/chan-gay-thi-truong-voi-doi-thu-sac-net/

Thank you for reading this article!

Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!