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Paningning: A Liquidity Mirage in the Desert

Here we observe the preserved remains of Paningning, a token that achieved the remarkable feat of being simultaneously alive and utterly moribund. With forty-four holders clinging to their bags like survivors on a sinking vessel—ninety-nine point eight percent of them captains who saw no reason to abandon ship—this specimen demonstrates nature's cruel efficiency in separating the hopeful from their capital.