The recent poor performance of a major mainstream token cannot simply be blamed on "market sentiment." A careful analysis reveals that the fundamental issues lie in three areas, and when these three problems stack together, they firmly suppress the token's price.

**First Pitfall: Natural Supply and Demand Imbalance**

Early participants had astonishingly low costs. Take the public offering in July 2025 as an example, with an entry price of only $0.05. When the token was listed and traded up to $1.60, these early investors saw a 30x profit on paper. Even now, after a pullback to $0.15, they can still earn 3x profit effortlessly. Who wouldn't want to realize profits in such a situation? The problem is, everyone has this idea, and naturally, selling pressure arises.

Even more problematic is the large unlock scheduled for July 28, 2026. The funds from US public offerings, team allocations, and VC shares will all be released, and the market has already been "pre-trading the bad news." Will large investors still dare to pour money in now? No. Once someone tries to push the price up, there's an immediate risk of being crushed down. The result is "no one dares to buy, and attempts to pump are futile."

**Second Pitfall: Token Functionality as Decoration**

Ideally, holding the token should come with real needs such as staking rewards, governance rights, or consumption (like Gas burning). But the key staking mechanism has been delayed until 2026. This means that for a significant period, holding the token is purely holding, without additional incentives.

Without a reason to hold long-term, people naturally want to sell. This isn't a psychological issue; it's a structural gap.

The project itself might be good, but the token price simply can't rise. The root cause is these structural bottlenecks, which cannot be fixed just by storytelling or community atmosphere.