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The $NIGHT trading competition has just concluded, with the project team distributing 34.85 million tokens as rewards, which at the current price is roughly equivalent to 2.6 million USD.
To be fair, the project team is indeed willing to spend money. The problem is, this generosity may not be good news for the market.
Crypto projects are inherently aimed at making a profit when raising capital. Spreading out the tokens like this, who would still have the motivation to pump the price? Put yourself in their shoes—if you were airdropped tokens worth a few thousand USD, could you really resist selling?
Honestly, token holders have long been thinking about cashing out. So, the likely trend moving forward is a slow decline, with little suspense.
Wait, does anyone really hold onto airdropped coins and refuse to sell? I don't believe it anyway.
With such scattered chips, it's just a slow game of cutting leeks, nothing new.
I've seen through this trick long ago; throwing money in ≠ pumping the market, in fact, it's a signal.
Over 30 million tokens dumped at once, directly killing the market, that's for sure.
Really, whenever there's a big airdrop, the big holders are the first to cut their positions. Don't hold onto false hopes.
I really don't understand why some projects have to play like this.