When the trading volume is too small, the cost for the main players to wash out the market is lower—so there’s a capacity limit: if too many people come in, the other side can simply choose not to pump.

Previously on ETH, there was a meme coin spot with a total market cap of 1,000, and the total positions held were only 5 million in value units. We brought in 2 million for them, and it didn’t rise until we had waited long enough for them to finally get tired of it—then it jumped by 50%…