Seeing those massive on-chain transfers get treated like “smart money” by people who are just copying the playbook makes me want to laugh. The grass can’t even figure out how to break down pool liquidity, and they’re already believing in the supposed long-term value of PFPs and membership-brand hype? Put plainly, most project teams issue a membership card or a PFP—aren’t they just trying to squeeze an attention-tax out of you? They kick things off with a “wealth-building” story where the floor price rockets up; then once the FOMO crowd has finished swooping in, they start dumping. That’s when you realize you didn’t buy a brand—you bought a sock-puppet.