When a token is fully diluted and still prints an all-time low, the easy excuse disappears.
There is no unlock cliff. No supply shock to blame. Just demand.
What stands out with Vanar isn’t the price. It’s the behavior underneath it.
Transfers ticked up while price was bleeding. Not explosive. Just persistent. That matters. Chains built on speculation go silent in drawdowns. Activity dries up. Wallets go dormant.
Here, interaction continued.
Add exchange outflows near the lows and the picture gets more interesting. Short-term traders don’t usually withdraw into weakness. Long-term positioning or product usage does.
For a consumer-focused L1, this is the real scoreboard.
Not partnerships. Not narratives. Not market cap.
Are users making small, repeat interactions when nobody is excited?
If transfers per holder keep climbing while price stays heavy, that is signal. That is usage surviving boredom.
And demand that survives boredom is the only kind that compounds.
