Why $P Still Looks Alive After the Spike

I’ve been watching $P’s chart over the past few days, and the 25% move up actually makes sense when you look closer. Volume ran up to around $34 million in a single day while the market cap stayed near $12 million, and that kind of gap usually hints at thin liquidity where even small sell pressure can move the price fast. With only about 14% of the total supply circulating and a big unlock still ahead, traders are obviously pricing in some dilution risk already, especially since any short term hype can fade quickly if the unlock timing doesn’t align with demand.

What’s interesting though is how the price didn’t just collapse afterward. I think maybe events like the Bitget Candybomb helped keep things active when it could’ve gone quiet. That kind of campaign tends to bring in steady trading instead of pure hype, which is probably what helped $P stay above water while most expected a pullback. You can almost see it in the way the order books hold up since liquidity isn’t deep but it’s responsive, suggesting that a mix of short term speculators and a few patient holders are still in play. If the chart can keep some of that activity going around the $3 to $4 million daily volume range, it might finally start building a healthier base instead of swinging on emotion, and from there, we’ll see if it can attract more organic volume without relying too heavily on campaign driven activity.