The Walrus project continues to advance its mainnet construction, with the quantity of stored blobs surpassing 18 million. Among these, the Seal privacy layer function, equipped with robust privacy protection capabilities, is attracting an increasing number of AI applications for testing and integration. The project's usage-driven token burn mechanism is also gradually showing effectiveness, which in the long term will aid in inflation management.

However, from a price perspective, WAL has faced notable pressure recently. From its historical high of $0.76 to now, it has declined over 80%, and indeed many holders have cut losses. Upon careful analysis of the pressure sources, daily ecosystem incentive unlocks, profit-taking selling pressure from early participants, combined with adjustments in the overall crypto market, have accumulated to cause such a significant decline.

That said, it is worth noting that obvious buy-side accumulation has appeared around $0.13. Some long-term bullish holders of the project continue to add positions at lower levels, while simultaneously choosing to stake for yields. This behavior to some extent reflects confidence in the project's fundamentals. Bottom support is gradually taking shape.