Encryption | Accumulation Night Shuttle | September 22

Tonight, a coin with a volume ratio of 38x appeared. I stared at it for ten minutes without blinking.

Quietly accumulating to the #1 spot on the buy-accumulation board: FLOCK ($FLOCK ). With a volume ratio of 38.8x, the price didn’t move. A textbook-level accumulation: big volume but no price movement—the main force quietly builds the position. The AI+Social concept has recently been picked up by the market again.

#2: MANTRA ($MANTRA ), volume ratio 20.5x. A long-standing RWA public chain. A sudden surge in volume suggests someone big is doing the work. This narrative, I can more or less accept.

ASML/GOOGL/BABA—this pile of stock tokens has a volume ratio of 3–7x. In essence, it’s just pre-market linkage in US stocks; it has nothing to do with independent logic in the crypto market. Cross it out—won’t look.

For observation, I’m mainly watching KERNEL ($KERNEL ): up 43.9% in a grinding move, two higher-low points, and a fee rate of -1.1%. The shorts are疯狂 paying fees to the longs. This kind of divergence is usually a sign before a move starts.

My take: FLOCK—small position follows; MANTRA and others—place limit orders on pullbacks; KERNEL—watch whether it can hold steady tomorrow. Everything with a volume ratio just over 3x is noise—no touching.

Who do you think is the real main force tonight? Chat in the comments.

The Shennong Notes team will continue to deliver analyses of tradable coins based on data analysis, avoiding trading based on feelings. Welcome to follow! The team updates every day!