Analysis: ZKJ flash crash may be due to profit withdrawal of contract OI, with a profit of about 40 million US dollars

Odaily News According to the analysis of X platform user @defi_Boo, the ZKJ contract position plummeted by 85% from 200 million US dollars to 20 million US dollars, and the contract trading volume exceeded pepe. The on-chain spot is only over 3 million US dollars, which is not enough to make a lot of money. The second point directly proves that there is no dog dealer involved. Since January 25, ZKJ has had a contract position of 100 million US dollars. There is no data to support the intervention of external funds. Generally speaking, contract profit is not the main means of market makers. Let me analyze it:
1. The profit of ZKJ spot dumping is limited and involves KOGE trading pairs;
2. The size of the contract profit is roughly calculated based on 20% of the change in OI. 20% of 200 million US dollars is 40 million US dollars. In comparison, for a market maker or project party, the best solution is to exit from OI with a profit. In response, KOGE project party @48ClubIan said, Thanks for the suggestion. Contract analysis is our business shortcoming, and we are not good at it. I personally only follow orders on Binance, and KOGE has not launched contracts, so I have not investigated this direction.
For details about the KOGE token decline incident, please refer to the article KOGE and ZKJ were closed overnight, and Binance Alpha was forced to grow .