Recently, the market has been truly extraordinary—another project has become a textbook-level cautionary tale. The $FOGO case went from opening to breaking the price in less than three days, but the underlying logic is worth pondering.

During the public offering phase, it attracted 7 million in funds, and then the valuation was pushed up to 350 million. But the problem is, there was no airdrop benefit, nor any community operation; the outcome on the first day of listing was already predetermined—definitely a high point at opening. This approach actually explains a lot: zero airdrops + pure public sale mode = selling pressure immediately after launch. Compared to some previous projects with valuations under 100 million struggling to launch smoothly, this number itself is a bit outrageous.

The current market atmosphere is like this—new tokens are playing out the script of "debut at a high price and peak immediately," and participants are becoming increasingly cautious. You’ll notice a group of players who have gone through multiple cycles are changing their strategies: they no longer gamble emotionally with project teams, nor do they bet on valuation ceilings with luck, but instead are channeling incremental funds into products that are "transparent in rules, clear in expectations, and not reliant on stories."

For example, stablecoin financial products are quite interesting. Schemes like USD1 peg are based on a completely different logic—regardless of how the new coin market fluctuates, the goal is to ensure that your stable-value assets continuously generate interest, with daily income credited, and fluctuations kept minimal. This kind of certainty is much more attractive compared to valuation games.

Smart investors have long understood that, in an uncertain market, finding certainty itself is a scarce resource.