$H's performance on the market aligns with the typical project life cycle pattern. In the initial financing stage, it attracts investors through grand narratives, in the mid-term it uses price fluctuations for chip distribution, and in the later stage, it exhibits a continuous decline in prices. From the trading data, the current number of buy orders (86) is roughly equal to the number of sell orders (81), but the concentration of selling chips is much higher than that of buying chips (Top 10 accounts for 82.79%), resulting in sell pressure potential far exceeding buy pressure. This structural imbalance creates persistent downward price pressure, with limited room for rebound.