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The leading effect has never been absent in the crypto market. As long as a leader emerges, follow-up projects will inevitably flock in.
Observing the current market, leading projects form barriers with their huge scale, occupying an absolute advantage with market caps often reaching hundreds of millions. While the second-tier camp is numerous, the performance of these projects varies greatly—some are striving hard to catch up, while others are stumbling along.
This phenomenon actually reflects a rule in the cryptocurrency ecosystem: leading projects have a natural siphon effect. Whether it’s capital flow or attention, it tends to concentrate on the top projects. Second-tier and subsequent projects need to find differentiated value propositions to break through, rather than simply following the trend. The market is proving a simple truth through action—whether a project has hardcore competitiveness will ultimately be decided by the price.