$NIGHT has recently attracted a lot of attention with the "8.25 million Address Airdrop" momentum. But peeling back the shell of the hype, the data is right in front of you: a Circulating Supply of 16.6 billion, with 94% of the chips locked in 10 Wallets. This is not a story where everyone benefits, but rather a trap that retail investors must be wary of.

First, let's look at the barrier of Circulating Supply. With 16.6 billion tokens on the market, what does that mean? It means the supply is frighteningly large. Economics can't be simpler - when there's too much supply and demand can't keep up, where can the price go? It can only go down. For $NIGHT, this super large Circulating Supply gives the whales an unbeatable trump card: they are not afraid of running out of chips and can dump a large amount of tokens at any time. And what about retail investors' buy orders? In the face of these 16.6 billion, that little bit of capital is like throwing stones into the ocean, making no waves. Once the whales start offloading, a price crash becomes a foregone conclusion, and retail investors have nowhere to run.

The more deadly issue is the distribution of chips. 94% of the tokens are concentrated in 10 wallets, and this is the most dangerous aspect of $NIGHT. Imagine a dozen large holders controlling the lifeblood of the entire token circulation; they can raise or lower the price at will, turning the market into a puppet on strings. With such a structure, the fate of retail investors is written in the ledger - they become the targets of being cut. This is not an investment opportunity; this is a meticulously designed harvesting scheme.

The cryptocurrency market is inherently volatile and full of uncertainties, and projects like $NIGHT only amplify the risks. An airdrop to 8.25 million addresses sounds exciting, but it may very well be the biggest deception. Once this group of airdrop recipients gets their hands on the tokens, the likely outcome will be a collective sell-off. Meanwhile, retail investors who enter the market later will be the ones paying for this "feast."

Before investing, you need to ask yourself a few questions: With such a large Circulating Supply, where does the price stability come from? With such a high concentration of chips, who bears the risk? With so many Airdrop addresses, is it really a positive signal or a risk release signal? These are all basic lessons to protect yourself.