Recently, I saw a bunch of new L1/L2 projects issuing incentives to attract TVL, and old users complaining about "mining, selling, and withdrawing," which I think is quite realistic... The nature of on-chain funds is just like that, there aren't that many beliefs.

And by the way, I want to talk about address profiling: tags and clustering are useful, but don’t treat them as IDs.
Someone with three or four wallets, mixing deposits and withdrawals on exchanges, or even splitting and regrouping the same funds, algorithms can tell you "who they look like," but it's hard to tell you "who they really are."
I usually only trust the fund flow closed loop: where it comes from, how it’s split, and where it ultimately goes back to, regardless of what KOLs are shouting.
My mom asked me a few days ago, "You watch addresses all the time, do you just know who's pumping?"
I told her: It’s not that magical, I just see where the money is flowing.
Anyway, I no longer believe in "whale addresses" either, just check if they’re circulating back and forth, or if funds are being withdrawn wave after wave—don’t get caught up in the screenshots and hype.