Oh dear, oh dear! It seems the crypto world has been turned upside down, and the prices of ZKJ and KOGE tokens have plummeted faster than a chocolate cake at a children’s birthday party! 🎂
Now, now, don’t panic just yet! The clever folks at Polyhedra have been snooping around, and it appears that the flash crash was caused by some rather fishy on-chain transactions. It’s a bit like finding a suspicious character lurking in the shadows, if you know what I mean… 🕵️♀️
The Great Crypto Caper
It all began when some large wallets withdrew a whopping 61,130 KOGE (worth a cool $3.76 million) and 273,017 ZKJ (worth around $532,000). This, my friends, was the equivalent of pulling the plug on a giant bathtub, causing the prices to drain away like water down the drain! 🚿
But wait, there’s more! On-chain analyst Ai Yi thinks this might have been a sneaky “harvesting operation” – a clever plan to reap the rewards of a price drop. It’s a bit like a farmer waiting for the perfect moment to harvest their crops, but instead of crops, it’s crypto! 🌾
“Three major addresses targeted the huge trading volume and liquidity of the two tokens in the context of Binance Alpha. Tonight, the dual pressure of ‘large withdrawal of liquidity + continuous selling’ caused ZKJ and KOGE to collapse one after another, and no one was spared,” Ai Yi commented.
And if that’s not enough, it seems the timing of this flash crash might be linked to a decline in Binance Alpha trading volume over several days. It’s a bit like a big game of dominoes – one piece falls, and the rest follow! 🎲
The Plot Thickens
Now, the community is pointing fingers at 48Club, the issuer of KOGE, accusing them of price manipulation. But 48Club is having none of it, denying the allegations and announcing a new trading reward plan to restore confidence. It’s a bit like a game of “he said, she said” – but with crypto! 🤔
Binance has stepped in, adjusting the Alpha Points calculation rules to reduce concentration risks and maintain market fairness. It’s a bit like a referee blowing their whistle, saying “time out, let’s get this game back on track!” 🏈
So, what’s the moral of the story? Well, it seems that trading incentive programs like Alpha Points might not be as sustainable as we thought. It’s a bit like a big ol’ bubble waiting to burst! 🎈
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2025-06-16 12:21