Most of the coins listed on exchanges during this period are falling, and the reason is quite simple ～
✅ The coins recently listed are basically active on-chain coins, which have already formed a scale on-chain. These coins, when they go live on exchanges, are mostly for profit-taking. If not for profit-taking when they go on exchanges, then when?
✅ In the previous bull market, there were very few on-chain holders of these tokens. It was relatively easy to pump them. Now, with market caps easily reaching hundreds of millions of dollars, tell me how to pump them? Who are we pumping for?
✅ The effect of listing on second and third-tier exchanges is basically negligible. This effect can only become more severe with the rise of on-chain activity and trading tools.
✅ Why does listing on #Binance lead to a drop? Most project teams aim to list on Binance, and once they do, they consider it a milestone achieved. The problem lies in the fact that money comes too quickly in this industry; a large amount of wealth arrives suddenly without adequate preparation, which can lead to issues for many teams, making it difficult to continue effectively.
✅ From the data, the trading volume on-chain has seen a monumental increase, with the share of CEX (Centralized Exchanges) rising steadily. Moreover, a large portion of CEX trading volume is driven by market makers (MM). If we consider essential trading data, the proportion might not be very high ～
✅ In the past, people were looking for valuable coins in the secondary market, but it is clear that there is no wealth effect left in the secondary market; all wealth effects have moved on-chain. Users who deeply participate on-chain can perceive that it feels like a casino; holding $SOL doesn’t even feel like money when rushing in. It's like a lottery, betting on probabilities that are very small for multiples of tens or hundreds.
