$MERL The token unlocking rhythm in December is worth following. The intensive release in the middle of the month—on December 12, 15, 16, and 19, four trading days, a total of 70 million coins injected into the market, has caused significant expansion pressure on the circulating supply. From an expectation standpoint, such news can trigger a chain reaction: new dumping pressure concerns → off-market wait-and-see sentiment rises → holders avoid risks in advance → buying enthusiasm declines. Even if the actual selling is not as extreme as the pessimistic expectations, the psychological constraints on the market are enough to hinder the price movement. This type of token unlocking wave often becomes the ceiling for short-term rebounds.