The recent 50% Slump of NIL has caused quite a stir. We spent some effort to dig into the on-chain data and conducted a millisecond-level tracking cross-check.

The results are quite clear: the officially marked treasury address and the team’s locked wallet have not moved any large amounts of tokens in the past 48 hours. The most crucial point is that there are no records of any deposits to exchanges. This basically confirms that the project party hasn't run away and hasn't done anything shady.

Where does the selling pressure from that crash come from? It is highly likely that the off-exchange whales are liquidating or stopping losses. On-chain, we can see that these large holders' transfer actions are still ongoing, indicating that the selling pressure has not completely ended.

That said, the team's lock-up mechanism has indeed worked, and the underlying logic of the token is still there. The on-chain data speaks for itself and is more reliable than rumors. If you still have confidence in the project itself, there's no need to panic along with the market sentiment now—after all, data doesn't lie, but panic does.