Having the ability to issue tokens but never doing so, this tactic is essentially just continuous harvesting. It may seem restrained, but in reality, they are waiting for the optimal profit opportunity. These project teams may appear more cautious than aggressive, but behind the scenes, they are very clear— as long as token holders keep waiting, the arbitrage mechanism can continue to run. Not issuing tokens can maintain the hype and even sustain premiums. The irony is that they deliberately choose not to do what they could, instead relying on this "anticipation" to keep bleeding investors.