According to Ai 姨 (@ai_9684xtpa), following the flash crash of ZKJ and KOGE, Alpha's 24-hour trading volume has declined for eight consecutive days, reaching a monthly low of $770 million (source: Twitter, June 16, 2025). The number of addresses engaged in Alpha 16-point farming dropped to 86,000, down from a peak of 115,000. High volatility now impacts all major trading pairs, making it challenging for traders to identify reliable farming targets. This downturn in activity and liquidity signals increased risk, and traders are advised to closely monitor exchange order book depth and volatility metrics before entering positions. The sharp decline in user participation and volume may continue to affect the broader crypto market, particularly for tokens with similar profiles.

According to @nansen_ai, traders can efficiently identify large ZKJ and KOGE token sell-offs by using Nansen's Token God Mode. The method involves searching the token contract address, selecting the 'Who Bought/Sold' feature, narrowing the time range to 1 hour, and reviewing addresses with over 1 million in transactions. This process enables rapid detection of significant DEX sell-off activity, helping traders anticipate price movements and manage risk accordingly (Source: @nansen_ai on Twitter).

According to Lookonchain, on-chain data revealed that prior to the ZKJ crash, numerous wallets began removing liquidity from both ZKJ and KOGE pools. Traders were observed exchanging KOGE for ZKJ and then rapidly dumping ZKJ, contributing to the price decline (source: Lookonchain via Twitter, June 15, 2025). These liquidity movements served as early warning signs for active traders, indicating potential volatility and increased risk in both ZKJ and KOGE markets. Monitoring such wallet activity can provide valuable insights for short-term trading strategies during periods of market instability.

According to Ai 姨 (@ai_9684xtpa), the sequential sell-off of KOGE followed by ZKJ was primarily driven by the presence of derivatives contracts for ZKJ, enabling traders to short on exchanges while simultaneously selling on-chain. Additionally, ZKJ offers higher liquidity compared to KOGE, making downward price pressure on ZKJ require more capital commitment. The report also clarifies that while the sell-off started at 8:30, the price action on both tokens experienced a delay in their candlestick charts, likely due to on-chain transaction processing and exchange order book latency. Active traders should monitor liquidity pools and contract positions for both tokens to anticipate further volatility. (Source: @ai_9684xtpa, June 15, 2025)

According to @ai_9684xtpa, both ZKJ and KOGE experienced a sudden 3% price drop following significant sell-offs linked to address 0x364...f18e9. At 21:49, this address withdrew 1.29 million ZKJ and 8,667 KOGE from OKX liquidity pools, then executed large sales. Specifically, $3.1 million worth of ZKJ was sold between 21:21 and 22:05, and $550,000 of KOGE was sold at 21:20. These aggressive moves triggered rapid declines in both tokens, highlighting liquidity vulnerabilities and the impact of large holders on short-term market stability. Traders should monitor on-chain activity and liquidity pool shifts for ZKJ and KOGE to anticipate further volatility. (Source: @ai_9684xtpa, Twitter)