Its new coins, additional inflation

Check these posts:

@dalz/what-is-the-inflation-from-the-hbd-interest-or-data-on-realized-and-projected-or-july-2023

@dalz/everything-you-need-to-know-about-the-hbd-haircut-rule-and-the-latest-updates-or-the-biggest-risk-for-the-hbd-price

Also check this: https://www.hbdstats.com/