$ZKJ and $KOGE were both manipulated and plummeted, waking up a large number of retail investors who were brushing trading volume on the Binance Alpha platform from their dreams. Originally trying to earn airdrop "interest" by brushing some trading volume, they ended up losing even their principal. What exactly happened behind this? Who should take the blame for this disaster? I will try to analyze it deeply:

1) Let's first talk about what exactly happened? Binance launched the Alpha platform for brushing trading volume to speculate on airdrops. ZKJ and KOGE, as popular projects, were listed on Alpha, and a large number of retail investors crazily brushed volume in anticipation of airdrops.

However, just as the Alpha event was in full swing and retail funds were pouring in, a certain whale withdrew about 3.6 million USD worth of tokens from OKX and directly started dumping them in the market. ZKJ first collapsed, and due to the high correlation with KOGE, KOGE passively followed the decline. Retail investors, seeing the plummet, began to panic sell, further accelerating the collapse cycle. In the end, those users who were "diligently" brushing volume on Binance Alpha waiting for airdrops not only did not receive any returns but also lost all their principal.

2) Who should take the blame in this "evil process"?

The project party might say: We didn't let the whale dump, this is market behavior, but for a TGE valued at 2B, the liquidity could actually be manipulated by a few whales, which is simply unbelievable;

The dumping whale might say: It's my money, I can handle it freely, losing money is deserved, but knowing that such a precise timing would cause a chain collapse, one must question their intentions;

The Binance Alpha platform might also say: We are just providing a trading platform, users bear their own risks, but without Binance's platform endorsement, how would users dare to invest heavily? Now that something has happened, how can we possibly wash our hands of it;

You see, it seems that every stakeholder in this chain of interests has a reason to distance themselves, and only retail investors are left in confusion: Why has this hot Alpha Summer ended before it even began? Where is my principal?

3) So where does the problem lie? In my view, it superficially appears to be a random market risk, but in reality, it is a premeditated systematic harvesting:

The project party "designed" a correlation trap, the whale chose the precise "timing" to strike, Binance provided a "legal" harvesting platform, while retail investors bore all the losses.