At dawn I was scrolling Dune to look at address labels, and the more I looked, the more it felt like fortune-telling. Some addresses have profiles written like “smart money/early sniper,” but when you check the actual transaction flows, they’re all just trading garbage coins back and forth—plain and simple, they’re scripted accounts. On the other hand, some addresses look like they’re getting roasted and losing big on meme coins; turns out they’re just paying tuition to test strategies. If you can believe these labels even three parts out of ten, that’s already pretty good. They’re the same as the personas—just a fig leaf.

The group chat is also arguing again about the compliance boundaries between privacy coins and mixers; everyone has their own reasons, and nobody can persuade the other. My minimal rule is pretty simple: I don’t chase hype, and I don’t touch anything whose fund flows I can’t judge. Sometimes I’d rather make a little less than risk stepping on a landmine. For now, that’s it—I’ll keep looking at the data.