The roller coaster of altcoins is getting more frequent. With the easing of U.S.-Iran tensions and Bitcoin consolidating at high levels, funds are struggling to find a main narrative and are starting to flow into small-cap assets for excitement. SIREN is repeatedly pumping and dumping, ARIA 'pumped for a month, crashed in an hour,' and SkyAI surged 70% in a single day—this type of market activity has not decreased since April but has instead increased, popping up like mushrooms after the rain. The pattern isn’t hard to summarize: highly concentrated spot holdings, contract trading pairs available on Binance, and strong market manipulation by major players. When these three characteristics are present, the infrastructure for a 'wild surge' market is set. During high-volatility periods, daily contract trading volumes can easily reach billions or even tens of billions of dollars, which serves as a shot in the arm for a liquidity-starved bear market. But the divide between supporters and critics is equally clear. Those bullish on volatility argue that high volatility is what attracts liquidity, and it’s the core charm of the crypto market. Those bearish on the risks say that without fundamental support, it’s purely a money game, and frequent heavy positions will ultimately lead to zero. Both perspectives have merit, but one consensus is clear: the essence of this type of market activity is a game between retail investors and highly manipulative major players. With asymmetric information and unequal holdings, retail investors are at a structural disadvantage. Binance released a Market Maker Risk Guide on March 25, warning against unilateral sell-offs and abnormal trading behavior. But the market clearly hasn’t cooled down because of it. It’s not impossible to participate, but position control and strict stop-loss measures are prerequisites, not optional.