Today I saw a project’s PFP again and it pulled another wave. Honestly, I’m a little envious—people there have set up their community vibe like a cult. A bunch of them are shouting “brand faith” every day. But when I cool down and think about it, can this kind of hype really hold up through the next bear market? I just feel like a brand’s value has to be backed by real, hands-on products and governance—relying only on profile pictures and membership cards is basically no different from trading air-coins.

Recently, a certain region raised taxes, and deposits and withdrawals have clearly gotten tighter. A lot of people are starting to panic, but I think this is actually a good thing—it forces everyone to pull their attention out of short-term emotions and take a hard look at whether what they hold has real long-term stickiness. In any case, for now I’m still being straightforward and watching options and the funding rate. As for chasing something like this PFP—let’s talk when I can truly hold out and not sell.