You think you're taking advantage, but you end up being taken advantage of;
You thought you could gain points, but in the end, you lost your principal.
In the past few days, the two 'popular projects' ZKJ and KOGE suddenly crashed, wiping out a large number of on-chain profit-seeking users—
Originally just wanting to earn some Alpha points, but ZKJ dropped by 80%,
Someone put in 5,000 dollars and ended up with only 500, losing everything.
This is not a crash; this is the art of harvesting chives.
Many people think that brushing trading volume and grabbing airdrops is a guaranteed profit,
But this incident taught a harsh lesson—
In the cryptocurrency circle, there is no real 'risk-free arbitrage'.
Data shows that only on the night of the crash from 8 PM to 10 PM,
In two hours, the entire network saw liquidations exceeding 102 million dollars,
Among them, the #ZKJ cryptocurrency exploded by 94.33 million, almost all being long positions!
You heard it right, this is a typical 'bullish strangulation'—
The price of coins rises all the way, attracting retail investors to follow in.
Then the project party quietly started dumping from the BSC chain,
Then it triggered contracts and ETH chain spot to follow the drop, cutting profits all at once.
Ironically, the ZKJ on BSC is essentially a 'single-player coin'—
The price was twice that of the ETH chain,
But it is also bound to the ETH price curve,
In simple terms, this is just an empty shell that relies entirely on performance without independent circulation.
And what you see as 'independent market conditions',
It's just a 'Spring Festival Gala' directed by the backstage team,
Retail investors are both spectators and actors—ultimately, they are the ones being cleared out.
Don't say I didn't remind you:
In the past few months, ZKJ rose from the end of 2023 to April 2024,
You thought you picked up a dark horse,
But the truth is—you are holding chips that others are ready to cut.
This flash crash gives us three profound reflections:
First, do not be fooled by appearances.
Just because it rises well, doesn't mean it can hold steady;
Independent market conditions can also be a one-man show.
The rise and fall of prices are just superficial phenomena,
The underlying bull and bear trends are what truly matter.
Even cryptocurrencies in spring will face winter,
And if you cannot understand the seasons, you will continue to increase your positions to warm up in the cold winter—only to get frostbite in the end.
Second, choosing coins must be professional and rational.
Many people choose projects only by looking at past gains and trending topics.
But true investment is about looking to the future.
The essence of ZKJ is just a highly controlled, strongly inflationary new coin without fundamentals,
The airdrop earnings seem high, but the source of those 'earnings' is the money you've lost.
An annualized reward of 100%, do you really think that's appropriate?
Where does the money come from? Of course, it comes from you later.
Third, the market is always difficult to distinguish between true and false, and understanding is the only moat.
The surge you see is what the main force wants you to see;
The good news you hear is the 'background music' prepared for the next buyer.
In this market, the ones truly making money are not the smart ones, but the clear-headed ones.
So don't be superstitious about so-called 'stable profit-making' projects,
Don't treat a single airdrop as stable income,
Moreover, do not let short-term surges blind your eyes.
The future bull market has not really begun yet,
You will see more 'magical cryptocurrencies' and 'hundred-fold dark horses' appearing,
But you must remember:
The market does not lack opportunities; what it lacks is your depth of understanding.
Investment has never been about chasing trends, but about investing in understanding.
If you don't understand logic and lack judgment, you will always just be the background in someone else's script. ZKJ is just another wake-up call for retail investors,
Don't always think about taking advantage, and don't always expect money to fall from the sky.
It's not that the project is that bad, but you shouldn't be so naive.
On the investment road, may you pay less tuition and see the truth sooner.