The current situation is: The project team chose to list spot directly on Binance Alpha (rather than a Tier 1 exchange), combined with futures market manipulation and KOLs (Key Opinion Leaders) driving hype, to reduce costs and improve ROI (Return on Investment), as seen with recent examples like $M and $VELVET.

However, the specifics also depend on the project team's holdings. High control over (chips, i.e., token supply) = fewer airdrops for the community, leading to widespread criticism. Additionally, it depends on whether the project team has the funds to pump the price. If there are too many short positions, the cost of pumping becomes prohibitively high and unrealistic.