I have been in the cryptocurrency industry for almost nine years now. I have summarized why in the last bull market, retail investors still had a chance to make money, but in this round, most retail investors only have regret and complaints. At least that's how I feel. In the last bull market, individual investors actually did three things: they could take it after buying, they didn't panic when taking it, and they dared to take it even when it fell. Because at that time, the secondary market was reasonable, with a small size and few currencies, and the project had a low valuation when it was just launched, slow unlocking, and clean chips. The roadmap was really being pushed forward. You're not betting on who runs faster, but telling stories with the project, so many people don't get rich overnight, but slowly make money. Looking at this round again, our situation as retail investors has completely changed. Nowadays, buying a project often results in billions of FDV on the first day of launch. When you open token economics, everything is waiting to be unlocked, and there are reasons to smash the market almost every month. You're not even trading trends, but guessing if you'll be the last one to take over this wave. In such a market environment, there is a vicious cycle where individual investors simply cannot hold onto their positions. However, it has been proven that no matter where the meat is cut on the day of its launch, looking back a few months later is an absolute escape. So people began to no longer believe in "long-term value", not because individual investors became restless, but because the market did not allow you to hold it for a long time. Holding it would be unlocked and slowly worn away, while not holding it would be thrown away by emotions. Watching the narrative but the price was completely uncooperative. This round has deeply made me realize that the secondary market is no longer a place for individual investors to create wealth, there are only endless opportunities for buying. The scariest sentence: It's okay, there's no need to worry about stock. Don't be afraid, because your heart is already dead. So over time, I only learned one thing, not about the future, only about when to run. But it was also in this context that meme survived. Meme is not a pie in the sky, there is no white paper, no roadmap, and no ecosystem under construction. An internet celebrity dog or an emoji can do it Rising is rising, falling is falling. No one deceives you in the long run, even if you build for a long time, it will return to zero. Therefore, there is a saying: the best return on long-term construction is to gradually return to zero. This is not because Meme is more advanced, but rather because it has opportunities compared to the secondary market, at least with a sense of participation. The emergence of memes is just the final resistance of retail investors in this environment. But in the end, I realized that meme coins do not create faith, but consume faith. So, wash up and sleep, we are just a speck of dust in the long history of the cryptocurrency industry. Those who don't sleep either retire or wait for opportunities, waiting for opportunities that belong to us retail investors... There shouldn't be a chance.