Why wasn't HYPE initially attracting much attention?

Looking back, I have a pretty deep impression of that time. In the Chinese community, it was mainly mentioned by @kiki520_eth, Master Pang, @mdzzi, Cha Bu Si (who is beautiful), and the lone crane @ZKSgu. Master Pang was relatively more FOMO about it, but overall, there weren't many people paying attention.

I was aware of it but couldn't get excited about this track. When GMX was very popular, I spent a lot of effort researching PERP DEX and even invested in two projects. However, later in Shenzhen, I was shocked to find that I could buy a GMX clone for just 10,000 USDT. Everyone was working on similar projects, but they all failed.

Therefore, I felt that no matter what tricks were played with the economic model, it wouldn't work; a garbage track couldn't succeed.

Later, when the HYPE token was launched, it started with a market cap of 3 billion, and I thought it would quickly drop to a level similar to GMX, like a few hundred million in market cap. Especially after the airdrop, I expected the trading volume to drop immediately, just like other unknown projects, and the "profit-taking army" would leave quickly, causing the price to plummet.

But it didn't happen; the price kept rising. I thought it might be a single-player game where someone was pulling the price up to deceive others into getting on board. However, when it rose to 8, I felt something was off. No one would pull the price like that; the required capital was too large, and I specifically checked the trading depth, which was substantial.

Then I started to research and was shocked to discover that this team was different from the past "you could set up a PERP DEX with just 100,000." The team had raised hundreds of millions to provide liquidity, with a top-tier market-making background. The profit-takers were all making big money, and the token issuance was purely strategic; I realized I had missed something impressive.

After the token was issued, the number of users and trading volume didn't decrease at all; it was hitting new highs, simply astonishing!

Then the price quickly rose to 14, with no pullback at all. However, I had one difference from most people: I always focused on whether the project was good, not really caring if the K-line was "too high," and I just kept buying all the way up.

At this time, there were actually many people who were bearish and not optimistic, and the number of people paying attention was small. I even noticed that those who wrote about HYPE were being sarcastic. At that time, I was still young and even posted a real-name address for a $6 million purchase.

However, later the JELLY incident caused the price to drop below my average purchase price of over 20. Then when it fell to 13, I stubbornly bought more. I talked about it in my group, but very few dared to get on board; more were actually selling at that position.

I also did a detailed analysis of the JELLY incident in my group. I thought it was a good thing because the exchange acted decisively; who would dare to slander it in the future? This kind of deterrence is good for exchanges, but my judgment received very few likes when posted on Twitter:

When the price is falling, anything said is wrong.

When the price is rising, anything said is right.

Today, I bought PUMP and heavily invested. But I also think, like HYPE, it's normal for the price to drop from 20 to 10. However, my habit is to get on board first, hoping for a follow-up that surprises everyone, just like HYPE.

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