In the early stages, one should be proactive, while in the later stages, one should be more cautious and rational.

Author: Game

Compiled by: Deep Tide TechFlow

1. The Birth of Meta

• A brand new "Meta" emerges, accompanied by a foundational "backstory," which may involve new technologies, new participants, clever marketing strategies, or a combination of these.

• It needs to possess a viral element that can quickly spread through social networks.

• This is often difficult for most participants to perceive in the early stages, and only those very familiar with the field may realize it.

2. Early Actors and the Formation of Narrative

• Early keen on-chain players identify this situation and seize the opportunity. Although these early actors have not yet gained widespread attention, they gradually become key opinion leaders (KOLs) of the new Meta.

• The potential for profit is enormous for them: asset values may increase by 100 times, and social attention will also rise. With fewer fans and less impact from price fluctuations, the risk remains low even in low liquidity situations.

• As they begin to publish content, others gradually take notice. Prices rise, engagement surges, and the narrative begins to take shape.

• The early winners of Meta emerge, establishing their primary position in this cycle.

3. New Betas Flood In

• With strong capital inflows, new betas (secondary plays) emerge—some are original, while others are imitative.

• These plays remain profitable because no one can yet determine what the "true" secondary winners will look like. As long as you act early enough, using simple thinking remains safe.

4. The First KOL Phase and Listings on Third-Tier Exchanges

• Large accounts begin to enter the market, supporting specific codes and creating FOMO (fear of missing out). Later participants often invest too heavily in projects endorsed by KOLs.

• Third-tier exchanges list early winners, adding credibility to these projects and attracting more participants, further expanding social influence.

• This is a wise time to profit from codes promoted by KOLs (especially when involving questionable KOLs), unless the code has proven to be a clear winner or pioneer. This is not the time to predict market tops, but one can start to operate more rationally.

5. Moderate Hype Wave

• If the narrative remains strong, it will attract moderate hype, sparking new interest and shaping the story of the upcoming influx of "public" funds. Even without new capital inflows, the expectations of existing buyers can still drive prices up.

• Established winners may list on primary and secondary exchanges, often as perpetual contracts, providing room for leveraged trading.

6. PvP Phase

• Late-stage KOL scams emerge: pump and dump, suspicious presales, insider distributions. Capital shifts from late-stage FOMO buyers to speculators.

• Experienced early players identify this PvP model, shifting to shorter-term holdings and higher-risk operations to profit quickly, leading to severe token volatility within hours. Many begin to incur losses at this stage, as it is no longer a simple model.

• Early players may feel exhausted from round-the-clock tense operations or frustrated by the loss of early gains, thus choosing to lock in profits from the early stage to avoid losses.

• Some begin to short using the listing opportunities from previously top exchanges.

7. Cooling and Consolidation Phase

• Group chats and social media dynamics gradually become quiet, with increasing signals for exit and profit-taking.

• Prices fall, and the market narrative begins to slow and gradually fade.

• Secondary projects (Betas) and proxy projects are hit hardest, with declines as rapid as previous gains. Early winners consolidate at this time.

• Remaining discussions are mainly conducted by super early holders or loyal followers formed during this cycle.

• Traders begin to look for new Metas in other markets, shifting their capital flows to other areas.

• This Meta may continue to exist after creating substantial wealth and deeply embedding itself in people's minds, but the overall cooling of the market is necessary and healthy, especially for a market with little autonomous trading.

As the cycle progresses, you should gradually reduce risk; be proactive in the early stages, and be more cautious and rational in the later stages.

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