$PI Ninety percent of projects have to go through a drawdown-and-consolidation period of around two years before completing turnover and achieving a reasonably concentrated distribution of holdings. Since π is hotter due to higher hype, retail investors’ enthusiasm is also higher, so this process will likely take even longer! No matter whether you criticize it or praise it, you can’t change the market’s underlying laws and operating logic! A project with only a 10% circulating share is still far from the bottom. No major capital would launch a bull market from this level—only short-term trading.