The project party initially claimed to implement a 10% airdrop plan, with 5% directly distributed to user wallets and the remaining 5% released through ecological partners. However, in actual execution, only the 5% intended for users has truly entered circulation (the 5% for ecological partners has yet to be unlocked). More notably, after a strict selection process via the witch mechanism, the actual claim ratio for real users may account for only 4% of the total.

This means that during the token launch phase, the real circulating supply only constitutes 4% of the total token supply, and all individual holders must make their selling decisions within five days (the initial release price is below $2/IP). Subsequently, the market immediately witnessed a "massive surge with low volume" – the market cap of IP tokens easily surpassed $10 billion, and even though there has been a current correction, it remains above $6 billion. In such an extremely tight circulation structure (with the circulating market value accounting for only about 0.4%-0.6% of the total FDV), the cost of control for speculators approaches zero, and price manipulation is no longer a matter of possibility but rather an established market fact. $BTC $ETH #IP