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Weak hands? Perhaps for some. But it's more likely that they are trying to gain a small profit by selling to get their capital back, and then rebuying more at a lower price without risk. The more experienced ones repeat this cycle, milking the market for all they can get. And when price soars to $30, $40, $50, they gain even more.
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You are exactly correct, that is how alot of us traders work....