The mask of the new token hype has been ripped off— The AI + RWA project Novastro (XNL) on Kaito launched and immediately tanked by 70%, dropping straight from the public sale price of $0.05 to $0.013. This is the first project recently to directly fall below its cost price. Looking at this K-line, it’s no different from a rug pull. Heard they even rejected the opportunity to launch on Binance Alpha + Perp. This is a textbook case of primary market premium failing to materialize in the secondary market. Honestly, it’s a good thing—a signal for the current phase. The months-long new token craze could use a temporary cooldown. On the flip side, this should be a wake-up call for project teams: If secondary market support continues to weaken, with no traffic boost and no liquidity backing, how will projects exit the market? Probably only two paths left— 1. Delay TGE, use points, NFTs, or credentials to extend the narrative cycle and keep the hype alive; 2. Go for high valuation + small allocation, long promotion + short execution, and slowly shift the costs onto retail investors.