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Regarding the price trend of a certain popular cryptocurrency, there are indeed many restrictive factors from the fundamentals. The daily unlock volume is 10 million tokens, but the actual on-chain liquidity is only about 5 million—this gap itself is quite contradictory. Tokens that haven't been sold today will be unlocked again tomorrow, creating ongoing selling pressure.
The price performance of such tokens heavily depends on on-chain trading depth. If the liquidity pools are not deep enough, slippage occurs easily during transactions. Therefore, to make it rise, relying solely on hype is not enough; it also requires: first, significant fundamental positive news to attract buying interest; second, the unlocked tokens do not continue to dump, and ideally, there are buyers actively absorbing the supply.
From an ecosystem perspective, the chain involved still has obvious shortcomings in security and liquidity. Conversely, looking at the team's operational logic—after successfully launching and monetizing, they immediately start the next narrative cycle. Under this pattern, ordinary investors are often prone to falling into a passive situation.