Many retail investors have a misconception that whether a coin can rise depends on endorsement, on rallying everyone to buy together, and on everyone being optimistic. Some people come to scold me when they see me bearish on a coin they hold, hoping that all KOLs are optimistic and rallying fans to buy. However, the coins in the crypto market are highly manipulated, and the pricing power lies not with the many retail investors but with the big players and manipulators. When everyone is optimistic and buying, when everyone is on the bandwagon, the price will not rise.

Even ETH, the second-largest mainstream coin by market cap in the crypto space, did not rise during the first half of the bull market when everyone was optimistic and buying. It underwent two rounds of crazy wash trading down to 1385, making retail investors doubt their lives. Only when the vast majority of KOLs in the market stopped being optimistic did it begin to rise dramatically from the ashes.

When KOLs are fervently endorsing a coin, it is precisely when the big players are taking advantage of retail investors' emotions to offload their holdings. Therefore, many people's endorsements lead to price drops, and encouraging others to buy coins they themselves are optimistic about is often a foolish act, harming others while also putting oneself at risk.