CAKE clearly earned a fortune relying on Alpha, so why is the coin price still falling? This question is actually not complicated; three reasons can explain it.

First, look at the overall environment - the entire market is in a correction, and the current circulation volume of CAKE is not enough to support an independent market trend; it is normal to follow the market. Relying solely on the project to make money cannot completely decouple the coin price from market sentiment.

Let's talk about the historical burden. In the four years before the 3.0 proposal, the inflation was like a bottomless pit: 1.15 million CAKE were thrown into the market every day, which, at the price of 40 dollars at that time, equated to more than 40 million dollars of selling pressure created out of thin air every day! From 40 dollars it collapsed all the way to 1 dollar, and if it weren't for the later adjustments to the token economic model that gradually tightened the inflation, it might have already fallen to a few dimes by now. Although Alpha is making a lot now, can we really fill in the years of digging a hole with just a few months of earnings? It took time to accumulate this situation, and the accounting isn't that straightforward.

The last point is even more intriguing - a leading platform is likely accumulating positions at low levels. A quick look at the on-chain data reveals clues: the lower the coin price, the more beneficial it is for them, as it can accelerate the destruction process and allow them to collect chips and complete their wash trading layout. This wave of operations, you can savor it, take your time to appreciate it.