SOL has come up with a new joke—the market cap has returned to its peak, but the price has been slashed in half! How does that math work?

Let me put it another way: The richest man in the village is flaunting his wealth again, but if you look closely, it turns out those numbers are propped up by crazily printing paper money. Actual purchasing power? It's already been cut in half.

**The $75 Billion "Math Magic"**

Sure, the market cap is back, but did you notice the circulating supply? From 2021 to now, the token supply has multiplied several times over. The price dropped from $247 to $134—can you really call that a "market cap recovery"? This is clearly just "inflation camouflage"! It's like using more bills to buy the same thing: more paper, same goods—does it mean anything?

**Booming Ecosystem vs. Plummeting Token Price: The Most Surreal Contrast**

This might be the most ironic scene in crypto. DeFi, NFT, DePIN… all sorts of narratives are being hyped up, but the token price is only 45% of its high. The ecosystem is indeed developing, but who's actually benefiting? VCs and the so-called "smart money" have positioned themselves long ago. And regular holders? You're just the one who bought a full-price ticket but are standing outside the door watching the show.

**Unlocking Wave: The Sword of Damocles Overhead**

FTX liquidation leftovers, institutional holdings, team reserves… these tokens that are about to be or are currently being unlocked are like ticking time bombs. Every time there's positive news from the ecosystem, it could just be setting the stage for some "insiders" to sell. You think it's a sign of technological progress, but it might actually be the prelude to selling pressure.

**A Brutal Analogy**

Imagine a company that originally had 100 shares at $247 each, total market cap $24,700. Now, to keep the market cap at that level, the company directly increases the share count to 184, and the price per share drops to $134. The original shareholders' stakes are diluted beyond recognition, but the company goes around bragging: "Look, our market cap is still strong!" You're holding diluted chips, listening to grand ecosystem narratives, thinking you're participating in the future, but in reality, you're just a prop in someone else's numbers game.

**Stop Fantasizing About Market Cap**

Stop comforting yourself with market cap numbers. In the face of this level of inflation, all fundamental narratives look weak. Remember this simple truth: The speed at which circulating supply grows is often more ferocious than any positive news.

(You're welcome to share different opinions, but please bring actual return data, not pie-in-the-sky promises written in a whitepaper.)

This article does not constitute any investment advice. The crypto market is extremely risky; please make decisions with caution.