Who is playing people for suckers behind the “myth of getting rich” on-chain?

Recently, a certain public chain ecosystem has become extremely popular — dog projects are everywhere, and various stories of overnight wealth are all around. Buy a coin before bed, and wake up to financial freedom? Such stories are flooding the group chat, attracting countless people who have abandoned looking at the fundamentals and no longer touch the secondary market, focused solely on mining the next hundredfold coin in the primary market.

But have you ever thought about it, the money you earn is from the money someone else loses?

This market only has the 80/20 rule; there is no such thing as everyone benefiting. Those profit screenshots you see? They are either from front-running or selective publishing—only the profits are shared, while the losses are completely hidden. Institutions and KOLs need this myth of getting rich quickly to continuously attract retail investors.

The real smart money has long been out.

While everyone is fantasizing about “x life”, those who know the industry have already quietly retreated. They are not continuing to chase after the dogs, but rather reallocating most of their funds back to the secondary market—positioning themselves in mainline assets with deeper liquidity and higher certainty, such as Bitcoin and Ethereum. They may leave a little for speculation, but their focus has long since shifted.

When retail investors find that the “Golden Dog” on-chain has become a “Dead Dog” and want to go back to chase mainstream coins, they often miss the opportunity. At this time, those who have already cashed out relying on “getting rich quick” have long exchanged their chips for Bitcoin and Ethereum.

In the end, who made money? Institutions, KOLs, scientists.

The Benefit Chain of This Game

Organizations collaborate with numerous KOLs to issue tokens, and as soon as a big shot promotes it, people follow. Hundreds of projects may be launched in a day, possibly all operated by the same person. Once there's a hype, KOLs rush in—first establishing their positions before tweeting, while scientists use tools to get ahead, and retail investors follow closely behind.

By the time retail investors see it? It has already increased at least 100 times.

The early comers can't enjoy the meat, while the late comers are just lifting the sedan chair for the mouse warehouse. Don't talk about fair launches; ordinary people launching a project, even if they catch the trend, no one pays attention without KOL support. There are indeed some retail investors who accidentally make a bit of profit, but the project party isn't afraid of you making money; they are afraid that you won't keep playing. Retail investors usually make a small profit and then lose it all in other projects.

In the end, you realize – after playing with the institutions for so long, your money has all turned into Bitcoin and Ethereum in someone else's wallet, while the shitcoin you've been hoarding has gone to zero.

Why is this happening?

A leading exchange, as the leader of the ecosystem, holds the most native coins itself, and the strategy is clear: first, pump the price to create a hotspot, making its own ecosystem the focus of attention; then, collaborate with KOLs to create the myth of making a fortune with low investments, spreading stories of “turning thousands into millions.” As the story spreads across the internet, more people are attracted into the market by the dream.

KOLs all praised, creating a momentum for buying, and the illusion that everyone can get rich quickly was formed. Meanwhile, those with prepared funds sold off at high positions, passing the baton to the last people who entered the market.

What should retail investors do?

As an ordinary retail investor, you don't have technology that is a step ahead of others, nor do you have reliable insider information; it's best not to get involved.

Wealth has never been gained overnight. Those who can truly achieve freedom often go through several rounds of bull and bear markets—accumulating during fluctuations and holding firm at low points. Mainstream assets like Bitcoin and Ethereum are the tools that can carry wealth over the long term.

Playing people for suckers with a doge coin is not as good as laying a solid foundation and investing in real value assets.

The土狗 may earn some pocket money, but the myth of “tenfold, hundredfold” wealth belongs only to a very few. More people will end up losing everything in this game. Even if someone really makes a fortune through “someone's life”, if the wealth does not match their position, they will eventually lose it back through their own strength.

The wealth creation myth of a certain public chain has reached its peak, and buyers are lining up. Once this round of dog coin frenzy passes, the market focus will likely return to the mainstream. The next market trend may not be in a certain public chain, but in Bitcoin and Ethereum.

If you can't do it, advise everyone not to play—it's also blocking people's financial paths. I just ask everyone not to get too involved and not to lose their sanity.