WET's recent market trend has really taken a sharp turn downward. Not long ago, it was soaring by 255%, and now it looks like it might drop back to around $0.17. This pullback has caught many people off guard.

Looking closely, the problem is actually quite clear. First, the pressure from profit-taking simply can't be contained. The token was launched with an immediate surge, attracting a large number of speculators. Early investors who saw enough profit quickly dumped their holdings, and since the circulating supply is quite small, the selling pressure quickly became overwhelming.

Second, the hidden risks in the token structure have now been exposed. 90% of the tokens are held by the team and the foundation, with a highly concentrated ownership. The market is now worried that subsequent unlocks might cause a price crash, so no one dares to hold long-term.

Additionally, once the hype cools down, no new funds come in to buy the dip. The initial excitement driven by a major exchange listing is no longer reliable. The overall sentiment in the Solana ecosystem has also cooled recently, and funds are naturally starting to withdraw.

If there are no new expectations or shifts in sentiment in the short term, this correction will need some time to digest.