Looking at the Snowball project, with a market cap of around 40 million, it's indeed a bit shaky to rely on such a small trading volume to support it.

The most frustrating part is that it still hasn't launched futures contracts, nor does it have spot trading. Just hoping it will rise? Honestly, genuine capital wouldn't even look at it seriously. Those promises of buybacks and burns sound good, but as trading volume decreases, where do the burned tokens come from?

The hype cycle for Chinese meme concepts is so short. Once this window passes, it's basically a mess. If there were real prospects, they would have launched futures and spot trading long ago. Without derivative tools to support it, such tokens find it hard to develop a long-term trading ecosystem.

From a technical perspective, once the hype subsides, projects lacking fundamental support usually only spiral downward. Insufficient trading depth and liquidity depletion make it increasingly difficult for retail investors to exit.