Talking about $pnut's whales I met the earliest whales of $pnut in Vietnam and have maintained contact with this guy ever since, aka the pnut guy. These two guys are quite interesting—cousins of Vietnamese descent. The older cousin was born in Germany, and the younger one in the United States. The older cousin's father was likely a former governor of Vietnam's central bank. Anyway, the key point is that they are part of a tightly-knit Western small cabal. They know the earliest devs of $pnut, who were a small team specializing in trending liquidity pools. At that time, it was during the election phase, and any politically sensitive event could be amplified. The $pnut trend in Web2 news actually had a time lag compared to Web3, so they immediately created a $pnut ticker. Through natural fermentation and Musk's promotion, $pnut reached about 10M. At this point, the older cousin's small group approached the devs and took over the remaining tokens. They have their own small MM (market-making) team, which I estimate is entirely active MM. They were also involved in well-known tokens like $farcoin and $chillguy. Of course, the $fartcoin case is a bit different, which I'll discuss later. Their dissemination chain is actually easy to understand: trending tokens → attention hijacking → high control of tokens → rapid scaling → expanding circles → KOL (Key Opinion Leader) groundwork. They have their own fixed KOL network. These KOLs are actually friends, receiving a large number of collaboration requests daily. If the concept is good, KOLs will actively seek to join and negotiate terms. In terms of collaboration models, I think domestic projects can take inspiration: you can run several CA (community activities) angles simultaneously in a week, and whichever gains traction can be paired with event-driven strategies to push further with KOLs. Anyway, after $pnut was listed on Coinbase, they gradually sold off their holdings. I don't know much about whether there were speculative funds to stabilize the market afterward. However, if $pnut could be offloaded successfully, it means the token turnover and internal trades were completed effectively.