A newly launched meme token recently entered the spot trading market. Within less than 24 hours of listing, the price dropped over 19%, and the initial market enthusiasm seems to have dissipated quickly.

Although the trading volume on the first day was substantial, it soon turned downward. More notably, a major holder transferred 18 million tokens to an exchange, which was estimated to be worth about $2.5 million at the time. This large deposit likely indicates that the holder is incurring losses. The sudden increase in supply undoubtedly added to the downward pressure.

From a technical perspective, the current volatility is extremely high. The 7-period exponential moving average is trending downward, and the Relative Strength Index is also in a lower range, signaling a short-term bearish trend. However, since the price has already undergone a deep correction, if subsequent buying momentum strengthens, there is room for a rebound. Some community members still hold expectations for this "China's first meme token," even anticipating a future surge to $0.50.

The new project being integrated into a large platform's comprehensive ecosystem offers more opportunities for earning, purchasing, exchanging, and leveraging services, expanding its accessibility. However, at this stage, both the price performance and the movements of the holders warrant ongoing observation.