According to analysis by X platform user @defi_Boo, the ZKJ contract position dropped directly from 200 million USD to 20 million USD, a decrease of 85%. The contract trading volume exceeded that of pepe. The on-chain spot trading barely exceeded 3 million USD, making it difficult to achieve significant returns. The second point directly confirms that there is no market manipulation; since January 2025, ZKJ has had a contract position of 100 million USD, and there is no data supporting the involvement of external funds. Generally speaking, contract profits are not the main means for market makers. Let me analyze this:
1. The profit from ZKJ spot dumping is limited and involves the KOGE trading pair;
2. The size of contract profits, roughly calculated at 20% of OI changes, means 20% of 200 million USD is 40 million USD. In comparison, for a market maker or project party, exiting with profits from OI is the optimal solution. In response, KOGE project party @48ClubIan stated, 'Thank you for the suggestion. Contract analysis is our business shortcoming, and we are indeed not good at it. Personally, I only follow trades on Binance, and KOGE has not launched contracts, so we haven't investigated this direction.'
For details on the KOGE token drop incident, please refer to the article (KOGE, ZKJ netting in one night, Binance Alpha forced to grow).