Polyhedra explained that sell pressure overwhelmed the thin KOGE/USDT pool, which then spread to the deeper ZKJ/USDT pool, escalating the liquidity spiral

Quotes that support claims

Polyhedra’s June 15 report noted substantial token transfers by Wintermute coinciding with extreme market volatility and a coordinated withdrawal of liquidity from PancakeSwap’s ZKJ/KOGE pool. The firm noted that several key addresses executed a sequence of large liquidity withdrawals from the PancakeSwap pool, which were followed by aggressive ZKJ sell-offs.

When the shallow KOGE/USDT pool couldn’t absorb the sell pressure, activity spilled over into the deeper ZKJ/USDT pool, triggering a liquidity spiral, the team claimed