#night $NIGHT If the retail investors have "not received airdrop": they might be buyers, fearing to miss out on the benefits of the mainnet launch.
· But for the BNB whales who have "received airdrop": they become natural sellers. For them, the cost of NIGHT is zero, and any selling price is profit. Therefore, the strongest potential buying power in the market (BNB whales) instantly transforms into the most determined selling force the moment they receive the tokens.
This leads to a liquidity paradox: although NIGHT has landed on the world's largest exchange and superficially possesses unparalleled liquidity, it faces a "buyer vacuum" in the first few hours after listing. Because the most capable buyers are holding tokens they received for free and are eager to cash out. This overextension of buying power is the core reason for NIGHT's sharp decline of 8.57% despite a huge trading volume of $124 million.