That doesn't say anything... people can have multiple accounts on Trex, split the coins over.
At some point I was in the top 10 wallets with much less than 1BTC in, so lots of splitting needed here if one wants to manage a relevant amount of money.
Plus, most times people don't even care throwing BTC into coins where the top 1-2 wallets own the majority of the supply.
1. Why are people selling after they saw the mobile staking functionality? Is it because nobody cares or is it because one of the person that instamine the coin in the beginning just dumped everything? Why would people pay more then the price that they paid to mine a coin? Only a few days of mining, so the cost price cannot be high. The only way a coin can go up is either having a pump group on your coin, or you really deliver something for the outside world. Mobile staking can maybe sound cool, and nice, but honestly who cares.... people want to buy bread with a coin , want to buy beer with it, pizza, etc.
Here's where I agree with you. Only partially, because as we use criptocurrency as assets and not as currency indeed, no one here can buy pizza+beer with any of this stuff we're trading.