The recent flash crash of ZKJ contracts, which saw positions plummet by 85% from $200 million to $20 million, is likely due to a significant profit withdrawal, according to analysis by a user on platform X. The contract trading volume surpassed that of Pepe, while the on-chain spot market remains over $3 million, insufficient for substantial profits. The analysis suggests that the profit from the contract positions, calculated as 20% of the open interest change, amounts to approximately $40 million. This profit exit strategy is considered optimal for market makers or project parties. KOGE project owner @48ClubIan acknowledged the analysis, noting that contract analysis is a weak point for their team and that KOGE has not launched any contracts. The KOGE token's decline is further discussed in the article "KOGE and ZKJ were closed overnight, and Binance Alpha was forced to grow."