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#Metaplanet增持比特币
ZKJ token has experienced an astonishing waterfall decline, with the price dropping from about $2 to a low of $0.33, a maximum drop of over 80%, prompting the market to deeply reflect on high-leverage trading and liquidity risks. The following is an in-depth analysis compiled from multiple reports:
1. The direct impact of liquidity crisis and whale sell-off
Whale withdrawal and liquidity exhaustion: According to on-chain data, six whale addresses withdrew liquidity and sold 5.23 million ZKJ (worth about $9.66 million) before the crash, directly depleting the liquidity pool of the ZKJ/KOGE trading pair.
2. Dual pressure from token unlocking and market expectations
Short-term unlocking exacerbates panic: On June 15, 15.53 million ZKJ tokens were unlocked (accounting for 1.55% of the circulating supply), while an upcoming unlocking of 5.3% of tokens (worth $30.3 million) on June 19 further triggered market concerns about oversupply.
3. Market impact and community reflection
Retail investors' "points trap": A large number of users participated in high-frequency trading to earn points, but suffered significant losses due to the crash. For example, a $5,000 principal was reduced to only $500, resulting in a loss of 90%.
5. Historical lessons and future warnings
The "stability illusion" of altcoins: ZKJ was previously mistaken for a "quasi-stablecoin" due to its market capitalization stabilizing at $2 billion and liquidity exceeding $20 million, but the divergence between its actual circulating market cap and fully diluted valuation (FDV) has laid hidden dangers.
ZKJ token has experienced an astonishing waterfall decline, with the price dropping from about $2 to a low of $0.33, a maximum drop of over 80%, prompting the market to deeply reflect on high-leverage trading and liquidity risks. The following is an in-depth analysis compiled from multiple reports:
1. The direct impact of liquidity crisis and whale sell-off
Whale withdrawal and liquidity exhaustion: According to on-chain data, six whale addresses withdrew liquidity and sold 5.23 million ZKJ (worth about $9.66 million) before the crash, directly depleting the liquidity pool of the ZKJ/KOGE trading pair.
2. Dual pressure from token unlocking and market expectations
Short-term unlocking exacerbates panic: On June 15, 15.53 million ZKJ tokens were unlocked (accounting for 1.55% of the circulating supply), while an upcoming unlocking of 5.3% of tokens (worth $30.3 million) on June 19 further triggered market concerns about oversupply.
3. Market impact and community reflection
Retail investors' "points trap": A large number of users participated in high-frequency trading to earn points, but suffered significant losses due to the crash. For example, a $5,000 principal was reduced to only $500, resulting in a loss of 90%.
5. Historical lessons and future warnings
The "stability illusion" of altcoins: ZKJ was previously mistaken for a "quasi-stablecoin" due to its market capitalization stabilizing at $2 billion and liquidity exceeding $20 million, but the divergence between its actual circulating market cap and fully diluted valuation (FDV) has laid hidden dangers.
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Price/Amount
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