Because capital raised and launch structure are not the same objective.

A public or community sale serves multiple purposes: (1) Raise capital, (2) Onboard aligned holders at an attractive valuation, and (3) Create anticipation and unmet demand into TGE.

If you fully satisfy retail demand in the pre-sale, you reduce incremental day-one buying pressure. When the majority of motivated participants already have allocation, secondary-market demand weakens — and early price discovery suffers.

Strong launches are typically demand-constrained, not supply-saturated. Leaving room for post-TGE participation preserves upside momentum and supports healthier liquidity dynamics.

Raising $10M may be feasible — and impressive — but consuming all available day-one demand in the pre-sale can undermine secondary performance. The goal is not maximizing pre-sale size in isolation. It is structuring capital formation in a way that sustains demand beyond it.