The market trend in December raises concerns. This is not just a routine fluctuation or normal Whipsaw from a technical perspective; the overall structural characteristics are more worthy of follow—intensive Token unlocking arrangements in the short term.

Just look at the timeline and you'll understand. On the 12th, 15th, 16th, and 19th, there were four consecutive rounds of unlocking within less than a week, releasing approximately 70 million MERL tokens. This high-frequency liquidity release model is directly reflected in the recent market fluctuations. The intense supply pressure combined with fluctuations in market sentiment has created a significant downward pressure.

From the trading data, this kind of concentrated unlocking often exacerbates price volatility. Investors need to closely monitor the unlocking schedule of similar projects to assess potential risks.