Just saw an interesting on-chain behavior: after a Memecoin’s hype fades, on-chain liquidity collapses in an instant. In plain terms, the hotspot switches too fast—before wallets can react, the money gets carried away by trading sentiment.

I’ve been thinking lately about the flow of attention. It feels like whenever I chase a hotspot, it’s like rushing from one event to the next—but even if you catch up, you might not end up getting any meat. When a tax-raise announcement drops for a certain region, the expectations for deposits and withdrawals change immediately, and funds line up on-chain waiting for the right window. It’s actually a bit like street photography: if you can’t capture the decisive moment, it’s better not to shoot.

My approach now is to crouch and observe first, then act once the emotion cools down. When hotspots rotate, the easiest people to lose money are those who panic just because they see others running. Besides, price discovery often lags behind the shift in attention—better to be half a beat late.

Emotion is the best kind of liquidity, but within liquidity, the easiest thing to trigger is a stampede. That’s it for now.