day23

Day 23. I spent time today looking at the $XPL unlock — 1.76 billion tokens, 63.2% of circulating supply, worth around $160 million.

Three weeks ago, I would have seen that number and thought one thing: "huge unlock, price drops."

Now I'm asking a different set of questions. Who's receiving the tokens? Investors and teams are getting 833 million each. That's the part that matters. Those are the recipients most likely to sell.

The ecosystem fund gets 88.89 million. That allocation probably doesn't hit the market the same way.

Same unlock. Different recipients. Different implications.

I still can't predict what XPL does tomorrow. But I can read the structure of the unlock now. That's what 23 days of doing this does. It doesn't give you answers. It gives you better questions.

Day 23. Still watching. Still learning.

#CryptoJourney #Day23 #BinanceSquare

Tatakae!!! 🎱
#Day23