Friends, today let's talk about the heartbreaking ones who were born with a golden spoon but fell all the way down to become a "spoon turned iron ladle" in the currency.
You see, some projects are like the male lead in an idol drama: born into a prestigious family (former Meta team), pure bloodline (Diem legacy), supported by capital (a16z, Jump, etc. lining up to throw money), even the press conference shines with golden light. When launched, exchanges rush to list them, white papers? No one looks. Valuation? Don't ask, asking is just about "the pattern." So what happened? The price is like a rebellious teenager; the more you want it to go up, the more it wants to bow down and rush downwards.
APT is a typical case. From its launch to now, the narrative has changed faster than social media hot searches: Move language, high TPS, modularization, ecological explosion... Every time it has 'just happened' to be at the forefront, but once the wind stops, the price immediately plunges, leaving not even a splash of water. Do you think it's bad? Not at all; are resources scarce? There are plenty to be frightening. So why is the trend so 'lackluster'?
The truth is often simple, but no one wants to break the window: early chips are being offloaded, and they are doing it ruthlessly.
This is not a conspiracy theory, it's a math problem. When the market shifts from 'seeing stories' to 'calculating circulation', the halo effect of VC coins instantly fails. Their fate has never been in the technical blueprint, but in the unlocking table and chip distribution. Background determines whether it can sit at the table, but unlocking determines who ultimately pays the bill.
So, did APT fail? No, it actually successfully demonstrated an iron rule of the encrypted market: lineage cannot be priced, only buy orders can.
Of course, I'm not mindlessly bearish. After all, APT's fundamentals are still there, and the team hasn't given up. Perhaps in the next bull market, when the main players have a 'conscience awakening', they will throw out a new narrative, and it can still shine. But at this stage? I suggest you watch more and act less. Don't be fooled by the 'orthodox lineage'; there are no princes in the encrypted market, only chips and timing.
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