Has anyone noticed the abnormal movement of FORM recently? While surrounding coins are all falling, it’s holding on stubbornly, and some are starting to get hopeful—feeling it might break through. But we need to stay calm and think about what’s really going on behind the scenes.

First, a basic fact: token unlocks are a high-risk period for pump-and-dump schemes. The reason is simple: unlocking means that the project team or early investors’ frozen chips start to become freely tradable. FORM’s situation is very typical—on the 27th, 60 million tokens will be unlocked. This number isn’t too large or too small; if it hits the market, the liquidity pressure is obvious.

The issue is this: projects that started with fundraising, institutional investors get their chips at nearly zero cost. For them, selling at half the current price is a guaranteed profit. So why has FORM not fallen recently and even shown some upward signs? This is a standard “pre-heating” before dumping—making the market look strong, creating an illusion for retail investors that “this coin is resilient and worth buying.”

Imagine the opposite: if it drops now, retail investors would have already been scared away. Where would the 60 million unlocked tokens be sold? So institutions will definitely manipulate the market first, attracting chasing funds to buy in and support the price. Once the unlock is complete, the dumping will be fierce. Given this volume, the probability of dropping to around 0.1 is quite high.

This trick has been seen too many times in the crypto world. Recognizing people and faces but not their intentions; recognizing coins and prices but not the overall situation.