Checked the charts today, and the weekend market hasn’t shown much action, but $PIXEL surprisingly pumped again, from 0.0075 the day before yesterday to 0.0083 now, nearly a 10% jump in two days, with trading volume skyrocketing from 8 million to 25.4 million.

Volume spike, looks like there's some cash flowing in.

You know someone in the community is definitely saying the bottom is confirmed and a reversal is coming. Every time we see a few points up, we hear that kind of chatter 😂.

But remember that surge back in mid-March?

In one day, it surged 192%, with trading volume hitting 388 million, way more aggressive than now. And what’s the outcome?

A few days later, it dropped back to where it was. That surge was just a rotation of funds in the whole GameFi sector, not due to any specific news for @Pixels . Money comes in fast and leaves even faster.

The recent price increase over the last couple of days is actually pretty normal within PIXEL's daily volatility. From a historical low of 0.0045 at the end of February to 0.0083 now, that's an 84% rise over two months—sounds like a lot.

But don’t forget this coin dropped from over a dollar; its current price is only 0.8% of its peak. An 84% rise is just a bounce off the floor.

Not a single structural issue has been resolved.

85% of the tokens haven't been released, with 91 million hitting the market each month. With a market cap of $5.8 million, that's $680,000 in new supply each month. That ratio hasn't changed. Investors, teams, and advisors sell when their time is up—this rhythm remains the same. The project team is discussing the token's repositioning, but it's still just talk with no execution.

An increase in volume is definitely a signal, but signals can be real or fake.

In these low-market-cap, low-circulation coins, a few hundred grand can create a noticeable price spike. You don't need much capital to create the illusion of volume.

If we really want to make a judgment#pixel on whether we’ve hit the bottom, we shouldn't just look at how much the price has risen in the short term, but whether several key variables have changed.

Has the project team adjusted the release plan? Can in-game consumption cover the new supply each month? Is the Stacked platform integrating external games? Have there been breakthroughs in advertising or other revenue sources?

With none of these factors changing, a 10% price increase is just noise.

I spent four days writing about PIXEL, covering everything from its ties to Ronin, the broader GameFi environment, the decoupling of game economics and token price, the unlocking plan, the Stacked platform, and the token's repositioning—basically went through it all.

The core judgment hasn't changed: the game itself is solid, but the token isn't worth touching until there's a substantial change in the release plan.

Short-term fluctuations don’t change the long-term logic; we’ll see what happens when those key variables actually change.

The above is just my personal opinion and isn't investment advice.