#币安Alpha理财中心 At 8 PM on June 15th, ZKJ and KOGE completely crashed, and in less than an hour, ZKJ and KOGE experienced a flash crash of -60%.
Why did ZKJ and KOGE crash within an hour?
The market makers of ZKJ and KOGE jointly harvested the LP pool and the long contract of ZKJ.
The market makers used three addresses to relay the selling, causing the LP range of ZKJ and KOGE to narrow, resulting in a flash crash due to a lack of buy orders. According to on-chain information, the total value of the sell-off of ZKJ and KOGE exceeded 6 million dollars.
On the Bybit platform, we can see that at 8 PM there was a contract position worth 100M, and in less than an hour, the position dropped to only 40M. Isn't this a coordinated move by the market makers of ZKJ and KOGE to take everyone out in one go?
ZKJ had over 93 million dollars in liquidations in one hour, with long positions liquidated at 93.3 million dollars and short positions at 300 thousand dollars.
At the same time, the liquidation of Bitcoin was only 2.14 million dollars.