On-chain data, technical explanations and mechanisms

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Polyhedra explained that sell pressure overwhelmed the thin KOGE/USDT pool, which then spread to the deeper ZKJ/USDT pool, escalating the liquidity spiral
Polyhedra reported that a Wintermute-linked address deposited over 3.39 million ZKJ tokens into centralized exchanges during Polyhedra's crash in June 2025, though Wintermute’s co-founder claimed it was part of a spot-to-futures strategy
On-chain data indicated that a sequence of large ZKJ dumps, including a $4.3 million LP token withdrawal and multiple 1 million token sales, triggered a collapse in the ZKJ/KOGE pool

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