#比特币对比代币化黄金 $STABLE has seen quite a drop recently, and many people are getting eager to buy the dip. But after carefully reviewing the fundamentals, I think this opportunity is worth reconsidering.

First, let’s look at the scale—$200 million market cap looks pretty thin in the current market. What’s even more concerning is that this market cap is based on a large number of tokens that haven’t been released yet. Once a wave of unlocks hits, tens of millions or even hundreds of millions worth of tokens could flood the market at once. With a huge surge in supply and no corresponding increase in demand, the result is downward pressure on the price.

There’s nothing new on the trading pair side either—this token is already listed on major and niche exchanges, so there’s no more hype to be generated from new exchange listings. With no new inflows or market attention, the potential for this token is basically already spent.

All in all: high market cap pressure + risk of supply inflation + declining trading interest, it wouldn’t be surprising for $STABLE to drop below $100 million. From this perspective, shorting seems to have a higher probability of success than trying to catch the bottom.