At the end of March and early April, the drop in SATS was likely due to major holders of SATS selling off at any cost.
Last year, SATS completed all its minting, consuming over 30 million in Bitcoin market value for minting GAS fees.
This year, SATS has reached its lowest point, basically dropping to the cost price of SATS minting, with the lowest market value also falling to just over 30 million.
Today, the leading SATS is a MEME on Bitcoin.
It is evident that market funds are no longer supporting project teams and acting as a safety net for VC coins.