Why is Orochi Network (ON) up 40.20% Today, July 23, 2026? Thin Liquidity and ZK Attention Drive a Single-Token Squeeze

Orochi Network (ON) surged ~40% on high turnover versus a small market cap, with no verified protocol or listing catalyst. The move appears driven by thin liquidity, concentrated ownership, and ZK-related attention rather than a broad sector rotation, while majors were softer. Elevated volume-to-float conditions can amplify short-term volatility and increase reversal sensitivity if marginal demand fades or large holders distribute.