#ZKJ
Big news in the crypto world!
A "wealth escape" valued at 40 million dollars?
ZKJ suddenly crashed, and there are shocking operations behind this. A major figure in the crypto community, @defi_Boo, discovered that ZKJ's contract positions were like a roller coaster, plummeting directly from 200 million dollars to 20 million dollars, shrinking by a full 85%! The contract trading volume even surpassed that of the popular Pepe. The key point is that its spot market totals only a little over 3 million dollars, and this amount of money simply can't cause such a big wave, so it can be basically confirmed that there are no "manipulators" causing trouble.
Looking back, since January 2025, ZKJ's contract positions have been maintained at around 100 million dollars, and there is no evidence that external funds suddenly rushed in to cause trouble. Generally speaking, market makers do not primarily rely on contracts for profit, but this situation is different:
First, making money by crashing the spot market isn’t very profitable, and it also involves the KOGE trading pair;
Second, just calculating the profits from contracts, based on a 20% change in position size, equates to a full 40 million dollars! By comparison, for market makers or project parties, taking advantage of high points to run away with contract profits is simply a risk-free business.
In response to doubts, the KOGE project party's @48ClubIan stated that they indeed do not understand contract analysis very well and usually just play around on Binance by following trades, and KOGE hasn't even launched contracts, so they hadn’t considered this aspect before. How many secrets are hidden behind this? The depths of the crypto world seem to be deeper than we imagined!
