In a strong rising market (uptrend), money flows in overflowing, causing nearly all assets to grow. When a Meme Coin can rise by x100, even x1000 times, crowds are very likely to fall into "Survivorship Bias". They only see those who went from a few hundred USD to millionaires, but they don’t see the dozens of thousands of others who quietly lost everything.
The most dangerous thing is the confusion between luck and ability.
Phase 1: All-in at the right moment, riding the right big wave, and earning a massive profit thanks to the combination of market trends and luck.
Phase 2: Start believing that that success comes from one’s outstanding own talent, believing that they have found the market’s "winning formula."
Phase 3: Confidence turns into complacency. The capital scale is increased many times over, even bringing along accumulated money, family money, or borrowed funds into the game.
Phase 4: The market turns. MM (Market Maker) and large capital flows begin distributing. All the profits from before are swept away—so much so that they end up losing even more than what they had earned.
That’s when the "Fortunate King" realizes he has never actually been a king. He’s only a survivor who got lucky during a market phase that was just too easy to make money in.