The market has indeed been quite lively recently. The performance of tokens a few days ago explained everything — some quickly surged to their positions, while others faltered midway. The underlying logic behind this is worth pondering.

Today, let's focus on an emerging perpetual contract project on the Base chain. Such projects are still relatively scarce in the Base ecosystem, and this one is currently the first to try its luck on the chain. Basic information about the project is as follows: total supply of 1 billion tokens, initial circulation of 150 million tokens, the team operates completely anonymously, with no funding background. From on-chain data, the TVL has already reached around $30 million, and total trading volume has surpassed $22 billion. These figures indicate that the project has attracted market attention.

However, a calm analysis is necessary here. A medium-sized, unfunded, fully anonymous project combination has always been synonymous with high risk. Especially in high-leverage sectors like perpetual contracts, project teams can easily achieve quick cash-outs through pump-and-dump routines.

If you choose to participate, it is recommended to moderately allocate during the early stage below $0.15, control your position size, and avoid heavy holdings. The key is to rationally assess your risk tolerance, as such projects can face liquidity risks or technical risks at any time. Token investments always require caution.