On the evening of June 15, 2025, someone in the crypto circle sent a message in the group:
"KOGE has crashed, and ZKJ has also plummeted. Did these two coins commit mutual destruction tonight?"
A joke that also reveals the truth behind this local market crash.
These two hot tokens that exploded on the Binance Alpha platform transformed overnight from "profit-making tools" to "blood loss scenes." ZKJ plummeted from $2 to $0.32, while KOGE fared worse, crashing from $64 to $8.4. The declines reached 80% and over 70% respectively, and the crash was almost without warning.
Many people panicked, and many were confused. Today, we won't do any scare tactics; we'll just share one truth:
This is not merely market volatility; it's systemic risk brought about by the "mechanism + behavior + expectations" triple kill.
Below is the complete process we restored from on-chain to mechanisms, from projects to emotions. If you invested, fell into a pit, or just watched, we strongly recommend you patiently read it all.
1. On-chain evidence: large holders withdrawing capital triggered a stampede
This wave of crash originated from "whales running away" + "pools being drained."
On-chain data clearly states:
Address 0x1A2...27599 first withdrew nearly $4.3 million from the liquidity pools of KOGE and ZKJ in two transactions, and then sold all the ZKJ exchanged within minutes, directly dumping 1.57 million ZKJ.
It resembles the classic operation of pumping → unloading → reverse trading to crash, and it was timed precisely.
After the KOGE pool dried up, everyone could only cash out from the ZKJ pool, leading to ZKJ being trampled as well, with panic selling causing the trading volume to surge 3.7 times within an hour. What followed was the familiar scenario: stop-loss chain reactions → liquidity collapse → the entire ecosystem turned red.
2. Platform mechanism issues: high returns + volume manipulation = minefield.
Why were ZKJ and KOGE so hot before?
To put it simply, the incentive model of the Binance Alpha platform provided plenty of "motivation":
High APR
Low slippage
Alpha points can still airdrop TGE double dip
Sounds appealing, right? But this also opens the green light for volume manipulators and opportunists.
Data shows that the platform's trading volume dropped from a peak of $2 billion on June 8 to less than half by June 14. People left, the pool emptied, and anyone withdrawing funds became the last straw.
Even more ridiculous, the KOGE project party actually added liquidity unilaterally to the pool, seemingly saving the market, but was actually questioned for "market-making to create a false impression," resulting in even less trust in the market.
3. External environment + token unlocking: adding insult to injury.
Just when this happened, the external market also showed no mercy.
The S&P 500 fell 1.8% that day, and the crypto market was already on edge.
ZKJ has a 5.3% token unlocking at the end of the month, valued at approximately $32 million.
You say you are an investor; will you run away first?
Once supply and demand expectations are imbalanced, the market naturally "crashes first and asks questions later," selling off before the real unlock.
4. Confusing behaviors from the project party: confidence evaporated overnight.
The project party of KOGE publicly stated:
"The tokens are fully circulating; we haven't promised not to sell, nor will we tell you that we won't sell."
???
Although it's the truth, the logic in the crypto world is: if you say that, people won't dare to hold.
Additionally, during the crisis, a series of chaotic operations (such as adding liquidity without explaining the source of funds) completely blew up the community.
Although ZKJ's project party was much quieter, it was dragged down because of its high association with the KOGE pool.
5. The far-reaching impact on the Binance Alpha platform.
This incident is not just about the two coins crashing; it also exposes some deep-seated issues with the Binance Alpha platform:
High returns = high risks, but the mechanism does not indicate risk management.
Point incentives led to rampant volume manipulation, which instead heightened market fragility.
Liquidity heavily relies on large holders; once they withdraw, it collapses.
Although Binance urgently adjusted its point rules after June 17, the loss of confidence had already begun. This contributed to a 10%-15% overall decline in trading volume for other mid and small-cap coins on the platform.
To summarize: what does this crash remind us of?
Do not blindly trust that high APRs are free from "stampede mechanisms."
Small-cap coins are especially afraid of "large holders running away + projects playing dead."
The incentive system cannot amplify bubbles in reverse; the platform mechanism must keep up.
Investors need to learn to observe on-chain behaviors, not just the surface glamour.
Finally, here's a phrase for you:
ZKJ and KOGE are not the last pair of coins to crash, but you could be the one who survives the downturn.
Don't just focus on profits; pay attention to liquidity structure, project behaviors, and mechanism design, as that is the true way to survive.
Disclaimer: Content published by Non-Small Number is based on publicly available data, on-chain data, and market trends, aimed at providing information reference and knowledge dissemination. It does not constitute any form of investment advice or trading guidance.
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