$DNA 's plunge revealed the rawest side of human nature in crypto.
When it first launched on Alpha, the price shot straight up past 0.25.
As a result, a whole crowd rushed in, with many people buying in at around 0.3.
A couple of days ago, when the price fell back to around 0.22, I still saw some people continuing to hype it up:
A pullback is a buying opportunity.
As for why they were bullish, it basically came down to this:
The Neosoul team behind the project has vision and is willing to airdrop tokens to Stand X holders;
They know how to market it, and can attract even more marginal buyers later on.
Of course, more importantly, people expect it to be listed on futures. Then even more people will come in to push the price up.
As a result, yesterday the price briefly dipped to 0.17. After basically getting cut in half from its peak, the whole narrative changed.
The project team had vision—until they started using Stand X's corpse as a marketing tool to gain clout and grab attention.
Being good at marketing turned into “the team has no real substance and can only market; they're useless at everything else.”
As for getting listed on futures and all that, haha, a bunch of people have already written it off as empty promises:
The team always promises two steps ahead after taking one. The ceiling is Alpha; don't expect anything else.
Some even directly tagged @一姐 and @Binance, “sincerely” saying the team has a conscience and vision, and begging them to hurry up and list it on futures.
What can I say? With that level of intelligence and understanding, I don't feel bad for you getting rekt. You couldn't even find the right temple to pray at.
When prices are rising, even shit smells sweet; when they're falling, even gold is just dirt.
I've been trading TradFi for quite a few years, and I've seen this scene at least 80 times, if not 100.
A recent example is the roller-coaster ride in South Korea's stock market this year.
As everyone knows, South Korean stocks went absolutely crazy in the first half of this year. SK Hynix in particular made a bunch of people rich overnight.
Riding that wave, South Korean regulators rushed to approve a bunch of leveraged ETF products in April without properly assessing the risks.
The most notable one was the 2x leveraged long ETF on SK Hynix.
The first couple of months were great. Thanks to these leveraged products, Korean women enjoyed the best summer of their lives—a period now known as the “Summer of Seoul.”
Then came July. Heh. The feast came to an abrupt end. The higher it had soared, the harder it fell. Now, the “Winter of Seoul” has officially begun.
So South Korean regulators went back to their old playbook: apologize, resign, and assign blame.
When the market was rising, they were benevolent officials working for the people's welfare. When it fell, they became national sinners who held back the country's technological and stock-market development.
Or let me put it more bluntly: Are you trading stocks? Are you trading crypto? Do you even understand what “speculating” means?
Learning to accept the outcome of your bets is the first lesson you should learn.
Understanding human nature is the second lesson you should learn.
There is nothing new on Wall Street, and nothing new in crypto either.
Because the good and bad, the beauty and ugliness of human nature have always been out in the open, from ancient times to the present.