$LSK just crashed from $0.99 to $0.34—a 52.74% drop in 24 hours—yet the trading volume still hit $1.4B. This is not the kind of volume that retail panic selling can generate. What are the big players doing? I’ve been watching several whale addresses on-chain for a while, and the answer is clear: they’re distributing at high levels, with methods far more refined than you’d expect. The first signal: the time window when $0.99 marked the peak was extremely brief. The order book was as thin as paper—just a few large orders pushed the price up, then liquidity was pulled immediately. This is the classic “pump it up to show the herd,” not a real breakout. A whale that truly wants to build a position wouldn’t do it like this—they’d slowly accumulate in the $0.5 to $0.6 range, not manufacture FOMO around $1. Second signal: within the $1.4B trading volume during the decline, there are plenty of signs of wash trading. The same address cluster repeatedly buys and sells between $0.6 and $0.7, creating the illusion that “someone is catching the dip.” But if you look at the net inflow, it’s actually negative. LSK’s depth below $0.4 suddenly thickened, suggesting someone placed hidden buy orders there—but they only absorb the panic sellers, they don’t actively lift the price. Third signal: around the 24h low at $0.34, there were dense small buy orders. Each individual buy isn’t large, but the frequency is extremely high—typical of algorithmic splitting and accumulation. The whales don’t want the price to bounce too fast—they want to gather enough chips at low levels. Now at $0.364: above it to $0.45, there’s a large amount of trapped positions; below it to $0.30 is their target zone. My take: this dump isn’t over yet. $0.34 isn’t a solid bottom, but it’s very close to the whales’ target area. They’ll keep grinding between $0.30 and $0.36, washing out the last batch of unconfident holders. Only when the trading volume shrinks below $200M will it be a real signal of a turning point. If you rush in to buy the dip now, you’re essentially handing the whales ammunition. Let’s wait and see—LSK likely won’t stay below $0.35 for long, but the first peak of the rebound won’t exceed $0.55. That will be the starting point of their next distribution round. What do you think?