Look, POPCAT's price action lately? Absolutely brutal. But here's the thing – dig into the on-chain data and you'll see something different. Over the past week, wallet flows have actually been net positive across the board.

Sun Flow metrics strip out centralized exchange and perpetual futures activity, which tells us where the real selling pressure is coming from. Spoiler: it's all those venues. Meanwhile, whale wallets have been showing some interesting movement patterns that contradict the surface-level panic.