Just by casually browsing on-chain data, you'll understand. The top address holding ratio of a certain popular token has already reached 79%. What does this mean? Simply put, a large amount of chips are locked in the hands of the market makers. Easy to enter, difficult to exit — a situation of only entering but not leaving.

Put yourself in their shoes — if you are a market maker and have so many chips on your books, the only way to cash out and profit is through a washout. By high selling and low buying, creating panic, shaking out retail investors' chips, and then gradually pushing the price up. This logic is all too familiar in the crypto world.

But here’s the interesting part — these tokens often come with a strong background. Once they have such IP backing, market expectations for them are different. Therefore, in the long run, these projects are more likely to be carefully crafted by capital. Washout is just a process; the ultimate goal is still to push the price up.