Precise Analysis of the Flash Crash of Cryptocurrency ZKJ and KOGE
Flash Crash Phenomenon through Intentional Activities
On June 15, analysts reported that the sudden collapse of ZKJ and KOGE could be the result of a long-term campaign aimed at liquidation. Three main addresses exploited large transaction volumes and liquidation of two Tokens in the context of Binance Alpha. The dual pressure of massive liquidation withdrawal and consecutive sell-offs caused ZKJ and KOGE prices to collapse rapidly, with no Token escaping the storm.
Withdrawal and Sell-off Activities of Main Addresses
Address 0x1A2…2759920
At 20:28:21 and 20:33:15, this address withdrew 61,130 KOGE, equivalent to about $3.76 million, and 273,017 ZKJ, valued at around $532,000, through two parallel liquidations. Between 20:28:58 – 20:36:57, the amount of KOGE converted to ZKJ exceeded 45,470 Tokens, valued at $3.796 million. This transaction caused the on-chain volume of KOGE to increase sharply, reflecting active speculation by speculators.
Address 0x078…8bdE7
From 20:30:33 to 20:59:49, this address withdrew 33,651 KOGE, valued at $2.07 million, and 709,203 ZKJ, valued at $1.38 million. Transactions between 20:31:10 – 20:58:18 included selling 36,814 KOGE for ZKJ worth $2.26 million and selling 1 million ZKJ for $1.948 million, with an average selling price of $1.948 per ZKJ. The continuous operation of this address significantly reduced KOGE's price, leading to consecutive price crashes.
Relay Dumping Transactions and Market Impact
Transaction of Address 0x6aD…e2EBb2
At 20:41:55, this address received 772,759 ZKJ from a previously negative address, valued at around $1.5 million. Between 20:42:28 – 20:50:16, it wiped out 772,000 ZKJ. This activity created a major psychological shock, significantly reducing ZKJ's price and causing investors to lose confidence, contributing to the sharp price decline of KOGE – the final step of the liquidation "explosion".
Comprehensive Analysis and Impact of Manipulation Activities
The coordinated actions of these addresses created a domino effect, driving the collapse of prices for both Tokens. ZKJ and KOGE, previously having high liquidity, now faced enormous sell-off pressure, leading to losses of millions of dollars. This campaign proves the importance of large speculators in cryptocurrency market manipulation, with rapid price fluctuations due to illegal liquidity flow control activities.
Conclusion
This manipulation campaign is a clear demonstration of the dangers in the volatile cryptocurrency market. Investors must be vigilant against non-transparent activities and always monitor large movements to avoid falling into unexpected price trap. Analysts warn that such interventions may continue, requiring players to have good risk prevention strategies and understand market manipulation techniques.
