Pearl launched in April 2026 with a 2.1 billion token max supply. Miners were pulling in 150 PRL per block, roughly one block every 30 seconds. That's an enormous amount of new supply hitting the market from day one. But here's the thing: there is no demand. Pearl's own research admits the "useful work" is inference nobody bought. Miners are just grinding random matrices that look like AI math, earning rewards, and selling them to cover GPU rental costs. And they're selling into a market with almost no liquidity. PRL trades only on minor exchanges. Order-book depth is shallow — a single large sell order can move the price by more than 15%. So what happens? · Early miners dump to break even on cloud GPU costs. · That selling pressure crushes the price. · Miners who were late are now underwater. · They dump harder to recover what they can. · The cycle feeds on itself. This is the classic mine-and-dump flywheel. And it's not a maturity issue — it's baked into the emission schedule when there's no real demand to absorb it. $NOCK doesn't have this problem. ZK-PoW is the native lane. AI-PoW is a merge-mining option, not a dependency. The emission schedule was designed for smooth, long-term distribution. Pearl's holders can keep shilling. The miners are the ones who decide what the price does. And right now, they're the ones who need to sell. Do your research well before buying anything.