#Anthropic二级市场估值飙升至1.2万亿美元

The primary market is responsible for generating profit-making momentum, while the secondary market is responsible for amplifying that momentum.
The entire flow of capital works roughly like this:
Primary market (on-chain)
Social media spreads
FOMO sentiment
Secondary market (exchanges)
Mainstream altcoins surge across the board
Why ask, “Why the prince first?”—why does it have to be the primary market first?
Because the primary market has the lowest threshold, the smallest circulating supply, and the smallest market cap.
A Meme with a market cap of tens of thousands or hundreds of thousands only needs several hundred thousand or a few million USD to be pulled up by dozens of times, even hundreds of times.
So the market starts to see:
100x today
500x tomorrow
1000x the day after tomorrow
These stories begin to spread wildly.
At this point, everyone’s mindset changes.
At first, no one was willing to move money into the crypto space, but now that they see other people making dozens of times in a single day, capital starts pouring in.
However, most people who come later can no longer buy those primary “god-tier” picks.
So capital starts looking for the next opportunity.
At this time, the one that’s easiest to absorb capital is the secondary market.
Because:
ETH can be bought
SOL can be bought
DOGE can be bought
PEPE can be bought
All kinds of altcoins can be bought
The primary market ignites people’s greed, and the secondary market catches all of this new inflow.
Dig one layer deeper, and it’s actually a change in risk appetite.
In the early stage of a bull market, everyone doesn’t dare to take risks and only buys BTC.
As the market keeps getting better, people start buying ETH.
After ETH has pumped, they start buying SOL.
After SOL has pumped, they start playing the on-chain primary deals.
Once one primary day has delivered dozens of times, the whole market’s risk appetite reaches its peak.
At this point, capital is no longer chasing steady returns—it’s chasing financial freedom.
Once risk appetite opens up, the entire altcoin season is here.
So what many people see is:
The primary market caught fire, so the secondary market rose.
But the real logic is:
The primary market isn’t the cause—it’s the signal.
The primary market represents that market sentiment, risk appetite, and newly added capital have already started going wild.
When, day after day, dozens-of-times or hundreds-of-times “myths” are being created in the primary market, it means the whole market has already entered a stage where it’s willing to take higher risks to chase higher returns.
What truly makes the market rise isn’t the coins—it’s people’s greed.
Capital always goes first to the place with the smallest market cap to light the fuse, then spills over along risk appetite, eventually forming the entire altcoin season.
Trump dog Conan is here—dozens to hundreds of times $SOL