This time last year, many people were reflecting on the missed opportunity. The coin launched by a certain political figure around the same time last year indeed changed the fate of many. Those players who decisively went all-in truly deserve respect; they seized the red-hot market opportunity of their era.

As for my own performance, I have to admit it wasn't very ideal. The coin was launched at 10 a.m. that day, and by the time I saw it, it was already at $2. Looking at the market cap, it was $2 billion. I was initially hesitant, feeling that such a large market cap was too big to jump in. Later, the price rose to $5, and I couldn't resist buying a little, selling out once it doubled. For such a huge opportunity, I can basically say I didn't get anything.

Reflecting on why I missed it, there are mainly three issues:

**The concept of market cap valuation was too vague**

At $2 and a $2 billion market cap, I thought that was already very large. But that’s not the case. First, who issued this coin—someone with the most influence today. He even confirmed it on Twitter, but I didn’t verify it immediately. Looking at the $2 billion figure, is it really that big? DOGE has a market cap of 300 billion, and PEPE was at 110 billion at the time. From a different perspective, a newly issued coin with only 20 billion is actually relatively small. My valuation framework was simply not on the same scale.

**My understanding of market sentiment was way off**

Meme coins are essentially a game of emotions. Any event takes time to ferment, but when Trump announced the coin, that day became the biggest public opinion event. By the time I saw it, ten or twenty minutes had already passed. For ordinary Meme coins, that’s not early. But for this specific event, that was early. Once the news broke, the buying volume was huge, and this momentum could last for a day or two. Think about the day Elon Musk first spoke about DOGE—its price shot up 8 times immediately, and as the event continued to ferment, it ran out another 10 times. I underestimated the power of emotion.

**My mindset was still afraid of losses**

The opportunity was right in front of me, but fundamentally, my understanding of the market hadn’t kept up. Do I feel regret? Yes. But I also have to admit, I am still not strong enough.