ZORA has surged 931% in a month, yet there are almost no large transactions on-chain. This wave of growth might not have been driven by retail investors at all. On-chain analysis indicates that the CEX derivatives market is the main battleground, especially with the ZORA derivatives competition launched by Binance on July 26 significantly boosting sentiment. Currently, ZORA's circulation rate is only 35%, and token releases will start in October, increasing the risk. The trader is suspected to be from GSR Markets, and this seemingly crazy rise may have had a script behind it all along.