#pi Some thoughts and personal reasoning on the current market situation →

When locked positions, staking, and portions to be absorbed by the future ecosystem are excluded, if 80% of the circulating supply is highly concentrated in the hands of 10%-20% of people, this is often not a signal of panic, but rather the eve of a qualitative change in the chip structure—and we are far from that point yet.
From the beginning until now, there has always been a group of people who constantly jump up and down—there is no need to take it to heart. Critics are also part of market sentiment; their very existence shows that there is value in the game here. True departures are always silent, while persistent complaints are essentially a reluctance to accept the cost of holdings—under this mindset, the transfer of chips is only a matter of time.
All projects go through development cycles, and each cycle requires pioneers to pave the way with their chips. The early volatility is a touchstone; those who cannot endure it, thank you for contributing liquidity; those who hold on, time will give feedback. The above is only personal reasoning, and rational discussion is welcome—let the market verify it.