There is a cruel rule in the crypto world: dividends never repeat. Each trend only appears once, and later entrants are doomed to become the bag holders.

The airdrop era from 2020 to 2023 is the best example. Back then, anyone who could grab DYDX, ARB, ENS, just one of them, could achieve financial freedom. Some even made over a hundred million. But when retail investors realized what was happening and started to follow suit, project teams immediately changed the rules—raising interaction thresholds, tightening qualification reviews, and even PUA-ing users. In the end, they spent time and money, and even the Gas fees went down the drain.

The inscription trend in 2023 was the same. When ORDI, SATS just emerged, a few thousand dollars easily turned into millions. Making money during that period was like playing. By the end of the year? Retail investors flooded in, suffering huge losses became the norm, losing even their underwear.

The AI track’s tactics are even more ruthless. Initially, no one dared to touch it, claiming it was a scam. But WLD, FET, ARKM these tokens still surged 10x, 20x, 30x. When retail investors rushed in? They were trapped for two years before waking up. The Meme market in 2024 also fell under this curse—PEPE, BOME could turn thousandfold or hundredfold early on, changing lives. Now? On-chain Meme caps are only a few hundred million, the rest either go to zero or run away, and entering is basically being buried.

The most ironic part is: when dividends appear, seasoned veterans are still hesitating, while newcomers dare to go all-in. Freshers who haven't experienced a bear market haven’t developed price anchors in their minds, so they dare to go all-in and fight hard, often earning big. That’s how the crypto world operates—opportunities only favor the first wave. By the time you understand and figure out the principles, the opportunity has often already passed.