According to an analysis by X platform user @defi_Boo, the ZKJ contract position plummeted from 200 million USD to 20 million USD, a direct drop of 85%, with contract trading volume exceeding Pepe. The on-chain spot market barely exceeded 3 million USD, unable to leverage effectively. The second point directly confirms that there is no doge market intervention; since January 25, ZKJ has had a contract position of 100 million USD, with no data supporting external funds' involvement. Generally speaking, contract profits are not the main means for market makers; let me analyze this:
1. ZKJ spot market sell-off profits are limited and involve the KOGE trading pair;
2. The size of contract profits is initially estimated at 20% of the OI change; 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's project team @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 orders on Binance, and KOGE has not launched contracts, so we haven't investigated this direction.'
For details regarding the KOGE token decline incident, please refer to the article (KOGE, ZKJ overnight crackdown, Binance Alpha forced to grow).