Speculative behavior always exists in every corner of the market. Recently, after Circle successfully entered the capital market, its stock price has soared continuously, and the speculative factors cannot be ignored. At the same time, the popularity of the trendy toy IP Labubu continues to rise, not only giving birth to a large number of scalpers reselling products but also generating so-called 'folk artists.' Interestingly, when Labubu products were priced at 99 yuan, no one cared; when the price rose to 999 yuan, they were hailed as a symbol of 'artistic value.' This phenomenon seems absurd but truly reflects the manifestation of speculative psychology in the consumer market. As the old saying goes, where there are people, there is speculation, but the forms of speculation vary in different fields, just like the size of the bubbles blown varies.
In the field of financial investment, the cryptocurrency market can be regarded as a disaster zone for speculative behavior. It is worth noting that in the past two years, a large number of professional investors and institutional capital have flooded into the altcoin market, and the speculative frenzy that should have continued unexpectedly ended early. The reason may be that market participants have long seen through the fact that 99% of newly issued altcoins lack real value support, and essentially, it is just a speculative game. When investors buy these coins, it is less about recognizing their intrinsic value and more about expecting the price to continue to rise, trying to profit from it.
However, the key to distinguishing speculative risks lies in whether the underlying asset has real value support and whether its value can continue to grow. Taking Circle as an example, its issued stablecoin USDC occupies an important position in the global digital payment market. With the continuous development of the cryptocurrency ecosystem, the market demand and share of USDC are expected to continue to expand. Even if investors are temporarily trapped due to speculative behavior, there will be opportunities to break free with the expansion of the market size in the future. Therefore, this type of speculative risk is relatively controllable. In contrast, Labubu, despite the current high market heat, requires decades of market accumulation and sedimentation to truly establish a brand with widespread influence. With the continuous increase in product output, once the market heat fades, it is likely to fall into the dilemma of oversupply, ultimately leading to the collapse of market value.
