On June 16, the crypto market experienced severe volatility. ZKJ and KOGE crashed by over 80% on the evening of June 15, with ZKJ's long positions liquidating up to $93.68 million. On-chain data revealed three major addresses systematically harvesting through a "pool withdrawal + selling" plan, first crushing KOGE and then causing ZKJ to collapse, forming a classic bull trap.
Pre-existing abnormal signals were evident: LP withdrawal, APY plummeting, volume reduction, and ZKJ's upcoming token unlock of over 15 million tokens on June 19, which intensified selling pressure.
Bitunix analysts suggest: This flash crash exposed Alpha ecosystem's liquidity falseness and governance opacity. In the short to medium term, investors should avoid or reduce trading Altcoins dependent on Alpha points. ZKJ and KOGE have lost market confidence, and without strong capital replenishment, recovery seems unlikely.
Recommendations include stopping volume farming arbitrage, being cautious of high FDV, stable-priced, and abnormally ranked cryptocurrencies. Carefully select targets, monitor potential Binance adjustments to Alpha mechanisms. The final reminder: "High yield ≠ Low risk, point incentives do not immune from risk." Returning to fundamentals and risk control is the ultimate path.
