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The $SAGA project has obvious issues with opaque circulation data. According to publicly available information, the project team claimed that the circulating supply would remain at around 90 million until April 2025 when it was listed in April 2024. However, in reality, a major exchange has verified that its circulating supply has long reached the 600 million level. This huge discrepancy has raised market doubts—if there was a significant deviation from the initial promise, then the subsequent team’s sell-off scale could far exceed expectations, and accumulating hundreds of billions is not impossible. From this perspective, the current 150x decline may really just be the beginning of a price adjustment. For risk-sensitive traders, maintaining caution towards projects with such opaque data is clearly a rational investment attitude.