The token unlock pressure of MERL is worth following. The scale of this round of concentrated release in December is considerable – 70 million tokens are set to flood the market in a short period of time. What does this mean? To put it bluntly, the existing buying capacity will face a huge challenge.

The market logic is actually quite cruel. When the supply side suddenly increases and the demand side does not correspondingly grow, there is only one result: price pressure. A few positive news stories alone cannot support this level of supply shock. The current situation is like a funnel—liquidity is constantly flowing out, and funds are gradually withdrawing. In such times, the mentality of holders often collapses first. In the short term, it is not easy to see a counteracting force to hedge against this supply pressure.