Recently, I noticed an interesting on-chain phenomenon. A project that just re-entered has had significant activity from its team wallet—tokens worth $3.7 million have been transferred, with nearly $800,000 flowing into a new wallet. The movement suggests preparations for a sell-off.

Large on-chain unlocks or transfers like this are usually not a good sign. They often indicate that a price drop is imminent. What's more interesting is that this project currently has a very small circulating supply, but its fully diluted valuation is shockingly high. The project team first pumps the price, then starts dumping—these manipulative tactics are all on the chain. It seems we should be cautious.