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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The firm revealed that one Wintermute address deposited more than 3.39 million ZKJ tokens to CEXs in the hour surrounding the crash. Another wallet withdrew over $4.3M in liquidity and dumped around 1.57 ZKJ. According to the firm, at least five other wallets followed similar patterns within minutes. On-chain data from Bybit showed that leveraged long positions were closed in just two hours, with multiple trades over $1M liquidated around 12:57 UTC, causing the price to drop faster.

On-chain data reveals that several addresses had drained millions from the ZKJ/KOGE pool. One removed about $4.3 million in liquidity provider (LP) tokens and dumped 1.57 million ZKJ; others followed, unloading close to 1 million ZKJ each.