In the past, making money in the crypto space followed the 37 or 28 rule, especially in the early days when the ratio was even higher. But in the last bull market, after the emergence of meme coins, the crypto space turned into the 19 rule—only 10% or even fewer people made money, while 90% or more lost money. Many meme coins have very short cycles, pumping for a few days, attracting a wave of people to jump in, and then starting to harvest, leaving retail investors truly broke overnight.