Prices fluctuate between 0.143 and 0.147, seemingly forming a bottom, but a close look at market details reveals something is off.

First, the buying support has clearly weakened. Compared to a few days ago, there are far fewer voices willing to buy actively, and the superficial toughness feels hollow inside. More notably, the big players are making small moves — I’ve observed several whale addresses steadily reducing their holdings over recent periods. Although each transaction isn’t large, this "quiet exit" logic is often more dangerous than outright dumping. They are also placing large sell orders at key levels, like a wall pressing down, clearly suppressing the price from rising.

Looking at signals from the derivatives market makes it even clearer. Funding rates have shifted from positive to negative, which indicates what? Long traders are no longer willing to pay extra costs for their positions, and market sentiment is starting to turn. Even more eye-catching is the surge in put options, with many traders betting that the price will break below 0.14. These "smart money" actions—hedging with real funds or directly shorting—are never good signs.

Regarding the core logic, meme coins driven purely by emotion and capital are like this — sideways trading just consumes resources, and the longer it drags on, the more variables there are. Large holders are not charities; maintaining a market involves costs. When new follow-on buying dries up and the appeal of pushing prices higher diminishes, the most rational choice is to exit orderly while there are still buyers and sufficient liquidity. The so-called "market support" actions we see now are less about accumulating energy for the next rise and more about stabilizing the price to facilitate phased selling. This could be in dark pools or through other channels, but the goal is very clear.

In this situation, it’s crucial to keep an eye on key levels for potential breakdowns.