- dumping price on week 1 is almost fatal: only 9.4% of tokens that fell early finished the year positive - start price matters: 75% of tokens launching under $100m fdv were up after a month vs 22% above $500m - 80% of airdrop receivers dumped on day 1... - while pre-sale participants show a ~65% retention rate on day 1 (but continue dumping if price increases) - favor tokens with liquidity concentrated on one chain: splitting $1m tvl across three chains weakens depth (and is bad for price) - MMs sell ~50% of tokens to bootstrap quote assets under a token loan agreement - Pre-market perps are a "source of significant downward pressure." - 90% of token unlocks were followed by price drops. "Team unlocks hit hardest, averaging a 25% decline over 30 days." This gap exists because team members sell independently, without coordination, using taker orders that increase price impact. Good read. Highly recommended:(Ignas | DeFi)