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Some small cryptocurrencies may seem to have a sizable market cap, with the $13 million figure looking decent. But upon closer inspection, the actual liquidity is only $970,000. What does this mean? Simply put, the price support isn't based on real demand, but on a single idea in the minds of 6,400 holders—"It will go up."
It's like playing a psychological game. The price curve itself is a feedback loop between perception and reality. As long as everyone believes it will rise, the price will indeed go up. But how fragile is this consensus? Once it collapses, it can be catastrophic. Those seemingly stable data points can instantly realign with reality.
Participants in such projects are essentially racing against the madness of the crowd. Slightly loosening their mindset could mean they won't make it out unscathed.