#Metaplanet增持比特币

ZKJ token has experienced an astonishing waterfall decline, with the price dropping from about $2 to a low of $0.33, a maximum drop of over 80%, prompting the market to deeply reflect on high-leverage trading and liquidity risks. The following is an in-depth analysis compiled from multiple reports:

1. The direct impact of liquidity crisis and whale sell-off

Whale withdrawal and liquidity exhaustion: According to on-chain data, six whale addresses withdrew liquidity and sold 5.23 million ZKJ (worth about $9.66 million) before the crash, directly depleting the liquidity pool of the ZKJ/KOGE trading pair.

2. Dual pressure from token unlocking and market expectations

Short-term unlocking exacerbates panic: On June 15, 15.53 million ZKJ tokens were unlocked (accounting for 1.55% of the circulating supply), while an upcoming unlocking of 5.3% of tokens (worth $30.3 million) on June 19 further triggered market concerns about oversupply.

3. Market impact and community reflection

Retail investors' "points trap": A large number of users participated in high-frequency trading to earn points, but suffered significant losses due to the crash. For example, a $5,000 principal was reduced to only $500, resulting in a loss of 90%.

5. Historical lessons and future warnings

The "stability illusion" of altcoins: ZKJ was previously mistaken for a "quasi-stablecoin" due to its market capitalization stabilizing at $2 billion and liquidity exceeding $20 million, but the divergence between its actual circulating market cap and fully diluted valuation (FDV) has laid hidden dangers.