Night of Terror in the Crypto World: The Revelation of the Four-Hour Collapse of Privacy Track Star PRAI
At 3:29 PM on May 30, crypto investors witnessed a bloody massacre—the privacy track star project PRAI token plummeted 34% in just 24 hours, with a weekly drop exceeding 56%, and its market value evaporating by nearly three-quarters, leaving only $7.17 million. This collapse not only left retail investors who bought at high prices with nothing but losses, but also unveiled the brutal survival rules of the crypto market.
According to a prominent crypto figure, the early venture capital (VC) cost for PRAI was only $0.1-0.12, which means that the current price of around $0.03 has already caused institutions to suffer losses exceeding 70%. More dangerously, these institutions may be engaging in a “long kill long” strategy: when the price falls below the cost line, the only choice for VC holding large positions is to cut losses, creating a death spiral. This kind of game between “high-cost outsiders vs. low-cost old money” is a microcosm of the recent collective avalanche in the DeFi sector.
The collapse of PRAI is not an isolated case. The entire privacy track is undergoing “valuation reconstruction”: former star projects like Tornado Cash have gone to zero due to regulatory crackdowns, Oasis Network's market value has shrunk by 90%, and the privacy protocol Solana Mobile on the Solana chain is also mired in a liquidity crisis. As the Federal Reserve's interest rate hike cycle and the BTC halving narrative double-press the market, institutions are beginning to frantically withdraw from overvalued sectors, with privacy tracks like this one, where the “story is greater than the reality,” being the first to suffer.
The current crypto market is like the classic line from the movie “The Big Short”: “When the music stops, the liquidity is gone, but most people are still dancing.” Surviving is the most important strategy before the next narrative cycle arrives.
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