Regarding Kaito's short-selling logic, I think caution is necessary.

Let's start with a straightforward reality: the team should have already seen the situation clearly, and most of the tokens are probably already distributed. Looking at liquidity, an open interest of 1.5M can't really support much momentum, with limited trading depth and fewer participants. In such an environment, short-selling is more likely to result in being hit by others' counter-orders and getting liquidated.

There's also a deeper logic—products and tokens are actually two different things. Taking Uniswap as an example, the protocol's operational status and UNI's performance may not be synchronized. The product might be declining, but the team’s holdings, decision-making power, and cash-out capabilities won't disappear because of that. These are issues at two different levels.

So instead of chasing after short-selling, it's better to clarify your own risk exposure. Opponents are always in the market, but with such thin liquidity on the underlying asset, the risk-to-reward ratio is actually not very favorable.