AIA is currently in the typical "profit-taking period after new coin issuance," with market sentiment shifting from extreme euphoria to deep divergence. Combined with the 4-hour chart of a leading exchange, this volatility reveals intense battles among different participants behind the scenes.

**Why did it surge and then fall back?**

This movement is very much like a roller coaster—jumping from a peak of $0.445 down to around $0.253, with a shocking decline. There are three key reasons:

First is the exchange listing effect. When a new coin is listed on a top exchange, it usually triggers a scramble for funds, causing trading volume and volatility to spike instantly. But this heat is hard to sustain—the structure of market participants determines the subsequent trend.

Second is early chip outflows. Airdrop users, private investors, and market makers all eye this opportunity. Once the price hits a high, they start large-scale selling to cash out, creating liquidity realization pressure. The steep downward line on the chart is the collective retreat of these players.

The last reason is narrative fading. As an innovative project in a new public chain or specific sector, AIA has technical support, but in a market environment with ample funds, participants are used to quick gains. Once price discovery is complete, enthusiasm cools instantly. Although macro liquidity is abundant, risk appetite among funds has begun to diverge.

This is a common script in the coin listing wave. Early participants make quick profits, later entrants buy in, and then the market enters a cooling-off period. AIA’s story is no exception—when consensus shifts from "bullish" to "wait-and-see," the price starts to speak.