most people ignore the biggest leak in crypto

supply structure

not narratives

not tech

not partnerships

supply

many tokens don’t dump all at once

they release slowly

month by month year by year

looks harmless at first price holds

community grows

but in the background

circulating supply keeps expanding

millions of tokens entering

consistently

if demand doesn’t grow faster than that

price gets capped over time

this is why some charts look strong early

then lose momentum across cycles

not because the idea failed

because distribution kept happening

retail keeps buying

while supply keeps getting fed into the market

slow bleed

not a crash

a grind

better models are simple

either wide distribution early

or controlled unlocks tied to real usage

not endless emissions

understand this before anything else

tokenomics decides outcomes

if supply keeps growing faster than demand

you are not early you are absorbing distribution