Recently, the cryptocurrency market has experienced fluctuations, and the ZKJ token has undergone a significant price fall. This event has sparked numerous speculations and discussions among market participants regarding its causes. Some viewpoints suggest that this drop is related to liquidity issues of another project, KOGE. However, the ZKJ project team subsequently released an investigation report, claiming that the big dump was caused by several large holders selling off together.

The credibility of this report has been questioned. Some market analysts have pointed out that the project's claim to know the addresses of large holders is suspicious because these addresses may include the accounts of the project itself. This doubt reflects the widespread issue of information asymmetry in the encryption currency market.

When understanding this type of market behavior, technical analysis is certainly important, but it is even more crucial to gain insight into the psychology and behavior patterns of the participants. Especially in the Chinese market, understanding the thinking patterns and decision-making logic of local investors is essential for predicting and interpreting market trends.

This incident once again highlights the complexity and uncertainty of the encryption market. Investors need to stay vigilant when participating in such markets, taking into account various factors rather than solely relying on the information released by the project parties. At the same time, this also reminds us that in the rapidly evolving field of encryption, establishing transparent and trustworthy market mechanisms is still a long way to go.