SOL has created a new joke in the crypto world—market cap has returned to its peak, but the token price has been cut in half. This move can only be described as modern financial magic.

To break it down: the richest person in the village is back at the top of the rankings, but if you look closely, it's all because of a mad rush to print more tokens and inflate total assets. Actual purchasing power? It's already shrunk by more than half. A $75 billion market cap sounds impressive, but the token price has dropped from $247 to $134, only 45% of its peak. This isn't a recovery; it's "using more paper to fill a bigger hole."

What's even more surreal—an ecosystem that’s thriving, but a token price that's tanking. DeFi projects are popping up one after another, the NFT market is booming, and the DePIN concept is being hyped to the skies, yet holders’ accounts are a sea of red. Why? Because your share is being diluted. How many times has the circulating supply increased from 2021 to now? That number is probably too embarrassing for the official team to announce.

Token unlocks are like the Sword of Damocles hanging overhead. FTX bankruptcy estate, institutional holdings, team reserves… every so-called “ecosystem positive” is really just another internal allocation looking for exit liquidity. You think you’re seeing a technical upgrade? They’re seeing a window to cash out.

Here’s an analogy: a company used to have 100 shares at $247 each, for a $24,700 market cap. Now, to maintain that market cap number, it issues more shares until there are 184, each priced at $134. The headline market cap hasn’t changed, but the original shareholders’ assets have been diluted beyond recognition. The company goes around touting “market cap back to the top,” while you hold your shrunken stake, listening to grand plans, thinking you’re a shareholder—when really, you’re just a tool propping up the market cap numbers.

Stop fantasizing about the market cap. In the face of this level of inflation, all technical analysis is just self-deception. The iron law of crypto: circulating supply is fiercer than a tiger. Want to debate? Show me your actual returns, don’t recite whitepapers to me.

Risk warning: This article is just personal opinion and does not constitute investment advice. The crypto market is highly volatile—invest with caution.