Analysis: KOGE Was Dumped First, Possibly Because ZKJ Has a Contract and Better Liquidity, Requiring More Capital to Crash

According to analysis by @ai_9684xtpa, the main reason for dumping KOGE before ZKJ may be that ZKJ has contracts, allowing them to short on exchanges while simultaneously dumping on-chain. Additionally, from a liquidity perspective, ZKJ has better liquidity, so dumping it would require more capital.
Both ZKJ and KOGE have extremely narrow LP ranges. If a large amount is dumped through these ranges and there isn’t enough capital to absorb the sell orders, a flash crash becomes inevitable. As LPs see the token price drop, panic selling may occur, creating a vicious cycle that drives the price down further. It is speculated that the continuous decline in Alpha trading volume over several days could be a trigger, and the massive exit of LPs is essentially a “race to the exit.”