A notable memecoin marked its one-year anniversary today—but the celebration fell flat. Launched amid euphoria and hype, it rocketed to its peak before facing reality: down roughly 90% from ATH. What started as frenzied buying momentum crumbled into what traders call a liquidity drain event. Many in the community see this pattern as a turning point—the moment when altseason quietly shifted gears. When major tokens hemorrhage value this way, retail investors typically pull back, capital rotates defensively, and market sentiment cools considerably. It's less about any single project failing and more about the broader cycle resetting. These moments often precede weeks of consolidation.