I noticed something really interesting: the timeline is full of panic, but the on-chain data paints a very different picture.

Retail investors are gripped by FUD and fleeing in panic amid a market pullback and the impact of some negative events, while whale wallets are quietly scooping up coins. The clearest examples are Pons, Cash Cat, and these three AI assets.

The coins you sold at a loss are being quietly scooped up by whales at low prices. The data doesn’t lie—liquidity really is flowing this way.

They’re buying your fear, and they’re doing it quietly. The logic is simple: ordinary investors see a red candlestick and panic, selling at a loss.

Whales scoop up the tokens at a discount. Every sharp shakeout is a process of transferring tokens from weak hands to strong hands.

Pons has clearly been getting more attention over the past couple of days, and its founder has also become more active.

My blind guess is that around 140M is the bottom for Pons this cycle.

Of course, this is just my personal prediction; I haven’t done any in-depth research or analysis. Pons’s pullback has just been a bit too brutal. On top of that, sentiment around RH has indeed been poor lately, but I believe its day will come again....

There aren’t many on-chain tokens worth paying attention to right now. If I had to name some, there are just three: “mihao,” “牛逼,” and “Gang.”

A few days ago, when mihao was around 13M, I said that hot tokens like this would definitely have a second leg. It later reached 26M, exactly a 2X. It’s been pulling back since then due to some external negative factors.

But you can trust Pump’s marketing, and Ansem has also been actively engaging.

Gang is another ticker I mentioned a while ago as having the potential for a second leg. It also surged to nearly 7M, but has since come down. You could look for an entry to buy back in.

Last is “牛逼.” This token came from a post by 老马, and CZ’s reply sent sentiment soaring. But its pullback seems to have covered in a few days the ground Pons took to cover, and it’s now just above 1M.

If it gets back to around 800k and still doesn’t move, it’ll probably be GG, so you can stop watching it. The community seems to be doing a decent job of building this token organically, and it’s actually pretty similar to Gang in nature—just a different origin. Both are tokens built around narratives in Chinese CT, so they’re worth keeping an eye on.