In this recent market, you really can break any kind of myth.

$SPCX The IPO issue price is $135. The crypto exchange participating in the subscription also charged an additional 5% fee, so the actual holding cost directly came to $141.75. But now the market price is only $126—so forget making a profit; they can’t even hold the issue price.

A lot of people always think that popular projects and celebrity halo are equal to guaranteed gains, but the market never gives face just because someone endorses it. Even Old Ma can’t escape the tests of market sentiment and liquidity conditions.

This is the current environment: liquidity is tight, capital is increasingly picky about projects. Projects with high valuations don’t necessarily rise, and projects with high buzz may still fail to meet the issue price.

But back then, whoever got an allocation through the subscription did make money—because the total crypto allocations were painfully scarce.