During this period, most of the coins listed on exchanges have been falling, and the reason is quite simple ～

✅ The coins that have been recently listed are mostly active on-chain tokens that have already formed a scale on the chain. These coins are essentially profiting when they go online on exchanges. If they don't profit upon listing, when will they?

✅ In the previous bull market, there were very few on-chain holders of these tokens. Pumping them was relatively easy, but now there are often hundreds of millions in market value on-chain. Tell me, how do we pump it? For whom do we pump it?

✅ The effect of listing on second and third-tier exchanges is basically negligible; this effect only becomes more severe with the rise of on-chain activity and trading tools.

✅ Why do coins drop when listed on #Binance? Most project teams aim to list on Binance; essentially, once they are listed on Binance, they have completed a milestone. The problem lies in this industry making money too quickly. Teams that suddenly receive a large sum of wealth without doing proper work often encounter issues, making it difficult to continue effectively.

✅ From the data perspective, the scale of on-chain transactions has seen epic growth, with an increasing share from CEX. Moreover, most of the trading volume on CEX is manipulated by market makers. When calculating the essential trading data, it doesn't necessarily account for a high proportion ～

✅ In the past market, everyone was looking for valuable coins in the secondary market, but obviously, there is no longer any wealth effect in the secondary market; all wealth effects have moved on-chain. Users who deeply participate in the on-chain space can perceive it; it feels like a casino where holding 03222640442 doesn't even feel like money being thrown in. It's like a lottery, just betting on probabilities that are very small, dozens or hundreds of times.