Figma is crashing

I don’t really understand why it’s been crashing this hard since IPO. I’m a UI/UX designer myself and use Figma pretty regularly. From a product standpoint, it still feels solid to me. A lot of people around me are still using it, and it doesn’t feel like demand just disappeared overnight. But at the same time, the chart looks rough. It’s been in a steady downtrend and every bounce just gets sold. I get that it’s still not profitable and competition is picking up, especially with bigger players entering the space, but the selloff still feels a bit aggressive. At this point I’m starting to wonder if I’m missing something fundamental here. Is this just the market repricing growth names, or is there actually a bigger structural issue with Figma going forward?