In this round of the market, one project performed particularly well—TRB. From a low of $7.38 (about ¥51.66) to $629.04 (about ¥4403.28), the increase is approximately 8,500 times. In terms of RMB logic, it’s like this: invest 10,000 yuan and now your account holds 850,000; invest 100,000 yuan and it becomes 8.5 million; invest 1 million yuan and your account directly reaches 85 million.

What does this growth curve reflect? Simply put, it’s the market re-evaluating the fundamentals of certain projects. When a project starts rising from a severely undervalued position, once it breaks through the collective perception, capital will flow in continuously. The existing on-chain funds are rotating, and new off-chain funds are also continuously entering—the reason why DeFi and tokens in specific sectors can achieve such growth within a cycle.

However, this also indicates that market liquidity is searching for new focal points. Every market cycle involves projects moving from extreme undervaluation to reasonable valuation. The key is to understand the logic behind this—whether it’s technological breakthroughs, ecosystem development, or simply capital speculation. The first two may mean more opportunities, while the latter requires caution against risks.