There is an old saying in the crypto circle: once the wind blows, it won't come again. Latecomers often end up as the predecessors' bag holders.

Let's first look at the airdrop market. Between 2020 and 2023, early participants in projects like DYDX, ARB, and OP could casually interact and earn tens of thousands of dollars, with some even achieving a leap from millions to billions in wealth thanks to this wave of dividends. But by the time retail investors react and join in, the entry barriers have already risen significantly, and qualification checks are becoming more stringent. Some spend money and time to interact, only to find they are just doing free labor for the project.

The inscription craze follows the same pattern. The early adopters of ORDI and SATS reaped returns of hundreds or even thousands of times. But by the end of that year, when everyone rushed to mint inscriptions, the market sentiment had already shifted, and many ended up losing everything.

The rise of the AI track is another example. Initially, few people believed in it, but tokens like WLD, FET, and ARKM soared silently. When retail investors were moved by the gains and chased the high, most were already trapped at the top, with some unable to unlock their positions even after two years.

This year's Meme market is even more straightforward. The first wave created a group of millionaires. Now, chasing on-chain Meme projects? Most have a market cap of only a few billion, and they face risks of zeroing out or rug pulls. Reckless involvement is basically digging your own grave.

Ultimately, dividends only favor those brave enough to be the first to take the plunge. Experienced investors often miss opportunities due to excessive caution, while some newcomers, driven by "naive fearlessness," go all-in and end up as the biggest winners. This is the logic of the crypto world: real opportunities only come once, and if you miss it, you miss it forever.