🚨 The veil of the new bull market has been torn away——

The AI + RWA project Novastro (XNL) on Kaito launched and dropped 70%, plummeting from the public offering price of $0.05 directly to $0.013.

This is the first project to directly fall below the cost price recently, and this K-line looks no different from a rug pull.

I've heard they also rejected the opportunity to launch on Binance Alpha + Perp, marking a complete failure of a primary premium to cash out in the secondary market.

It's quite good, a phase signal—after several months of the new bull market, it should cool down briefly.

On the contrary, this situation may provide some insights for the project team:

If the secondary market's carrying capacity continues to decline, without traffic support and liquidity backing, how will the project exit the market?

There are probably only two paths left—

One is to delay the TGE, using points, NFTs, and certificates to extend the narrative cycle and maintain sentiment;

The other is to adopt a high valuation + small amount, long promotion + short cash-out strategy, gradually shifting the cost onto retail investors.

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