Last night I saw another post about "a mysterious address transferring 100 million tokens to some project team," with all the comments saying "inside job" and "market manipulation." Actually... it's most likely just incomplete order splitting.

I've looked into it a few times, and most of these "coincidental transfers" boil down to: a whale wants to sell → afraid of crashing the price → splits into dozens of transactions → one of them ends up with a round number → gets caught by monitoring bots and turned into news. In short, on-chain transparency is real, but who controls the interpretation matters a lot.

Recently the fee rates have been so extreme. The community is arguing over whether it's a reversal or squeezing out the bubble. I think both sides have valid points. Anyway, I wrote in my ledger: at times like this, just watch, don't touch. That's it for now.