Altcoins are essentially a game of pass the parcel. Those who enter early make money, those who come in later get some soup, and the last batch? They just get the cold wind. But the problem is, almost everyone thinks they are the smart one who can get out of positions early.

The most terrifying thing is not stepping on a landmine, but rather stepping on it when you clearly see it. I have seen too many people holding onto a few thousand yuan worth of alts, staring at the market every day, more anxious than those playing with hundreds of thousands in stocks. This mindset is destined to lose from the very beginning.

My advice has always been simple: treat altcoins as either gambling, and accept the losses; or don't touch them at all. The worst are those who want to get rich overnight but are unwilling to cut losses. The market will never give you a second chance just because you are unwilling to accept the outcome.

The trend of FF is really typical - it was 0.6 on the first day of launch, and now it's directly at 0.1, a standard "peak right at the opening" case.

This is the classic insider trading harvesting play. Early holders get out of positions at high points, while retail investors frantically buy in around 0.6. Now, the price at 0.1 basically tells everyone: those previous pump-ups were just a show, and the real value discovery? It's only just beginning.

To put it bluntly, the token economic models of most projects are originally designed to allow early investors and the team to cash out at a high point. FF can drop from 0.6 to 0.1 either because the circulating supply pressure is too great or because the market completely does not buy into the project's fundamentals.

At this position, it is either a good opportunity to buy the dip or the starting point for further declines. The key is to see how many chips the project party still has that haven't been sold.