$ALEO

Currently, those selling Aleo are not retail investors or speculators; they are three types of "original coin holders."

The main entities dumping are only these three (ranked by intensity):

1. Early institutional investors (the primary dumpers)

- Representatives: top-tier capital like a16z, SoftBank, Kora, etc.
- Cost basis: extremely low, a few cents to a few dimes
- Unlock schedule: large-scale unlocking begins in Q2 2025
- Behavior:
They are not optimistic about the short-term ecosystem and have been slowly, steadily, and quietly selling out
The large sell orders, lack of support, and sudden drops are all them

2. Foundation & team addresses (the second-largest dumpers)

- Coin holdings: approximately 31%
- Usage: paying salaries, operations, ecosystem subsidies
- Behavior:
Sell coins regularly each month for cash
No need for a sharp decline; they gradually sell off with a slow downward trend
This is why the price keeps falling, falling endlessly, and never stops

3. Early miners/testnet participants (the third dumpers)

- Coin holdings:大量零成本币 (a large amount of zero-cost coins)
- Behavior: sell a little as they unlock
They don’t cause a crash to the limit down but exert continuous downward pressure

Why are they the ones dumping? Three solid proofs:

① Market pattern perfectly matches

All large orders, no small orders, sell-offs happen when prices are pushed up, and prices fall with no volume
→ Only institutions with massive holdings and indifferent to a few cents difference would sell like this

② On-chain data irrefutable evidence

- Top 10 addresses hold >80%
- Continuous large transfers to exchanges
- Retail addresses steadily decreasing

③ Timing perfectly matches

- Unlock in 2025 → price begins to fall
- Continued unlocking in 2026 → ongoing decline
- Still within the unlocking period → further drops expected