The current state of CAKE is quite intriguing. The remaining participants can roughly be divided into two categories: one is the long-term believers who entered years ago, and the other is the newcomers who joined after the financial reasoning period in June. Retail investors caught in the middle have likely already been washed out. Looking at the holding periods, late August is a critical window. The real dilemma is—how much CAKE reserves are left in the treasury? This directly determines the circulating supply in the market. Sufficient reserves mean the market can withstand pressure; depleted reserves make market fluctuations more easily amplified.