After SpaceX (SPCX) listed, it dropped from a high point; the latest price is 133.49, clearly pulling back from the initial listing peak. This kind of trend is called “valuation correction” in traditional markets, and in the crypto world it’s called “clearing the FDV bubble after a new token listing.” The underlying logic is the same: before listing/exchange admission, sentiment is at its peak and the narrative is strongest, so pricing often discounts several years of expectations in advance. Only when circulating supply expands, unlocks are released, and performance-fulfillment pressures arrive does the price start to converge toward true value. Inspiration for the crypto IE0/new token space: an opening frenzy doesn’t equal long-term value. For projects with high FDV, low circulating supply, and frequent/clustered unlocks, you should focus on the realization/fulfillment path—not on K-line FOMO. $BTC #Crypto #IEO #RiskManagement