A volume of 2.4M but only a market capitalization of a few tens of thousands, what does this reflect? To put it bluntly, no one wants to take the last baton. Everyone is withdrawing and running early.

The root cause is actually not complicated. The first spot $GIGGLE in this cycle continues to decline, and alpha coins also follow the downward trend, which is a chain reaction. Once market sentiment weakens, new meme coins are the first to suffer. Investors have seen clearly - when major coins are falling, who dares to enter new coins? The risk and reward are obviously unbalanced.

Instead of listening to various stories and boastful rhetoric (most of which are just persona packaging), it's better to let data and trading behavior speak. The huge discrepancy between volume and market capitalization precisely illustrates the true mindset of market participants: retaining liquidity while reducing risk exposure. This phenomenon is particularly common during bear markets or market reversals.