According to ChainCatcher, based on the analysis by on-chain analyst @ai_9684xtpa, the sudden crash of ZKJ and KOGE tonight might be a long-planned harvesting operation. Three main addresses created downward pressure through "large-scale liquidity withdrawal + continuous selling", causing ZKJ and KOGE to collapse sequentially:
1. Address 0x1A2...27599
Withdrew liquidity in two instances at 20:28:21 and 20:33:15, totaling 61,130 KOGE (approximately $3.76 million) and 273,017 ZKJ (approximately $532,000)
Between 20:28:58 - 20:36:57, converted 45,470 KOGE to ZKJ, valued at $3.796 million, during which KOGE's on-chain trading volume significantly increased
Between 20:30:57 - 20:59:49, sold 1.573 million ZKJ in batches for USDT and BNB, valued at $3.052 million, with an average selling price of $1.94
At this point, KOGE and ZKJ experienced slight step-like declines but did not crash
2. Address 0x078...8bdE7
Withdrew 33,651 KOGE (approximately $2.07 million) and 709,203 ZKJ (approximately $1.38 million) of bilateral liquidity at 20:30:33
Between 20:31:10 - 20:58:18, converted 36,814 KOGE to ZKJ, valued at $2.26 million
Between 20:35:15 - 20:37:34, sold 1 million ZKJ, valued at $1.948 million, with an average selling price of $1.948
This address's "relay-style dumping" finally triggered a rapid decline in KOGE's price
3. Address 0x6aD...e2EBb
Received 772,759 ZKJ from address 0x078...8bdE7 (the previous dumping address) at 20:41:55, valued at $1.5 million
Between 20:42:28 - 20:50:16, completely liquidated 772,000 ZKJ
The third address's main role was to coordinate and further catalyze ZKJ's decline after KOGE's price crash, completing the harvest of both tokens' LP and token holders.
Finally: The three addresses mentioned here are the main driving addresses, and actually more "coordinating addresses" worth hundreds of thousands of dollars were found, which will not be elaborated here, as the dumping methods are similar.
