Launch-mechanics exit cascade: thin pool, early exit, unabsorbed sells, price collapse $200 over 90% active band · no bid liquidity only deep below Thin pool small pool quotes $144B FDV Snipers + fresh wallets 60% of top holders exit early Unabsorbed exit no bid in the active band Price cascade over 90% down in an hour stop / margin selling late buyers near $200 hit stop / margin sells, feeding more exit and deepening the drop