ZEN's recent performance is quite interesting. Within 24 hours, it surged from 14.2 to peak and then dropped back to 12.5, with volatility doubling to 100%, indicating a typical pump-and-dump pattern.

But on-chain data is even more revealing. Retail investor sentiment is extremely bullish, with a long-short ratio as high as 89.8%, suggesting a dominant bullish sentiment on the surface. The question is—what is the true attitude of the whales? The number of bearish whales is 117, while bullish whales are only 81, meaning the bearish side actually outnumbers the bullish. This is a signal: retail investors are buying aggressively, while smart money is actually shorting.

Looking at the cost basis, the average cost for bullish whales is stuck at 13.45, while the current price is only 12.6, meaning they are already trapped, with unrealized losses approaching $700,000. On the bearish side, it's even more severe—average cost is 10.86, and at the current price, unrealized losses reach up to $1.87 million. But the key point here is—bearish whales are still adding to their positions, indicating they are continuously building short positions at high levels, betting on further price declines.

Open interest remains high at 2.46M, with neither side showing signs of giving up. The next move could go in two directions: either the excessive short positions trigger a rapid surge and short squeeze, or the bullish side can't hold and continues a deep correction, triggering a long squeeze. The risk index is maxed out.