Yeah, this tracks with what I expected to happen.

Look, I want the project to make it as much as anyone else, but let's be real—95% of holders are probably going to cash out when they get the chance. It's just human nature. No judgment there.

For this token to actually have staying power, you need two things working together: first, hit the market at a reasonable FDV so people can actually price-discover organically instead of feeling underwater from day one. Second—and this is the critical part—you need to give the community a legit reason to hodl long-term. Whether that's real utility, yield, governance rights, or some other incentive mechanism that actually moves the needle.

Without both pieces, you're fighting an uphill battle.