Father's Day, KOGE/ZKJ both plummet. Everyone may be laid off tomorrow.

1. Direct Trigger: Large Holders Withdraw Liquidity and Chain Liquidation

According to Binance's official investigation, the crash of KOGE and ZKJ directly stems from large holders (whales) withdrawing on-chain liquidity and a chain of liquidations in the market. The specific mechanisms are as follows:

Liquidity Withdrawal:

Large holders suddenly withdrew a significant amount of funds from the liquidity pools of decentralized exchanges (DEX), causing a sharp decline in token liquidity. The depletion of liquidity made it impossible for the market to accommodate normal trading demands, and prices began to fluctuate violently.

Chain Liquidation:

The liquidity crisis triggered forced liquidations (liquidations) of leveraged traders. Due to the price crash, investors using leverage could not meet margin requirements, and the system automatically sold their positions to repay debts, further exacerbating the price drop and creating a vicious cycle.

2. Deep-Lying Reasons: Market Structural Fragility and Holiday Effect Combined

Market Structural Fragility: Insufficient Liquidity: KOGE and ZKJ, as small to mid-cap tokens, rely on a few large holders for their liquidity. Once these holders withdraw, the market depth plunges, making prices easy to manipulate. Excessive Leverage: In the cryptocurrency market, many investors use leverage (such as 3x, 5x leverage) to amplify returns, but this also amplifies risks. Even slight price fluctuations can trigger large-scale liquidations. Holiday Effect Amplifies Volatility: Shrinking Trading Volume: During Father's Day, some traders may reduce trading activity, leading to an overall decline in market trading volume. Markets with insufficient liquidity are more easily impacted by large trades. Distracted Attention: Holidays may divert investors' attention from the market, preventing abnormal trading behaviors (such as whale withdrawals) from triggering timely community alerts.