The recent surge of ZKJ was caused by a message from the project team at 4:30 AM saying they would buy back, leading to ZKJ rising over 100 points. I still stopped my short position too late; I should have cut losses at 0.5u.
The history is very similar; after OM's crash, the project team also said they would buy back, and OM also rose by several points, but then all dropped back again. It's just talk to pump the price. Buybacks are like transferring money from one hand to the other; the project team isn't that altruistic to spend money to buy back in the market. Not selling tokens is already very generous.
For ZKJ, which has plummeted 10 times, it's quite difficult to recover. The technical pattern has been broken. The project team is trying to save themselves, and it's better to start a new project altogether. The likelihood is that ZKJ will continue to decline slowly in the future. The power of the project team's talk to pump the price will become weaker and weaker, and this time, there are quite a few trapped positions from those chasing the rise.
