Michael Saylor, CEO of Strategy, hinted at adding more positions on Monday late at night on X, sharing a position chart of MicroStrategy.
A long-planned 'liquidity strangulation'
On the night of June 15, 2025, on the B安 Alpha platform, the two major tokens ZKJ and KOGE on the BSC chain experienced an epic collapse.
The token ZKJ from Polyhedra Network plummeted from $1.946 to $0.3767, a drop of over 80%;
KOGE fell from $61 to $8.46 within half an hour, with the total liquidation amount across the network reaching $102 million, and over 90% of coin holders and liquidity providers (LPs) plunged into the abyss of 'passive bailouts'.
This crash was not a coincidence; on-chain data reveals a 'textbook-level harvesting strategy' from three core addresses:
1. Address A (0x1A2...): Withdrew $3.76 million in KOGE and $532,000 in ZKJ liquidity, after swapping, sold 1.57 million ZKJ, cashing out $3.05 million and breaking through the narrow fluctuation range.
2. Address B (0x078...): Withdrew $2.07 million in KOGE and $1.38 million in ZKJ, selling 1 million ZKJ to drive KOGE's steep decline.
3. Address C (0x6aD...): Cleared 770,000 ZKJ, completely shattering market confidence.
The logic of this harvesting is clear: first, crash the liquidity-weak KOGE to create panic, then use ZKJ's contracts to short for a 'double kill'. The operators magnified market vulnerabilities to the extreme through precise timing (establishing the liquidity pool 16 days before the crash) and the upcoming token unlock (unlocking $30.30 million in ZKJ on June 19).
The total liquidation amount across the network in the past 24 hours was $246.54 million! The liquidation amount for ZKJ reached $102 million, which for large holders of KOGE who exited liquidity through KOGE/ZKJ, is a bloody liquidity feast.
This wave of ZKJ and KOGE's manipulation has truly made the manipulators rich! Retail investors have finally become the 'chopped leeks'!
In the liquidity feast of the cryptocurrency market, it is often retail investors who suffer the most. Trading platforms like B安 profit from transaction fees without risk, while large holders of ZKJ and KOGE reap rewards through liquidity manipulation, and retail investors repeatedly become the 'chopped leeks'. However, if this short-term harvesting happens too frequently and quickly, who will be left to take the fall?
ZKJ and KOGE's collapse: A turning point for altcoins?
The collapse of ZKJ and KOGE may unexpectedly benefit the altcoin market. As the wealth effect of projects like ALPHA weakens, retail investors and market makers are forced to return to the spot market, and the flow of funds is gradually shifting. During the ALPHA frenzy, retail investors were keen to inflate trading volumes, even operating multiple accounts which diverted funds. Now, many have exited ALPHA, and those holding USDT need to find new investment targets.
