I'm so old! I went to bed at 12 PM last night. I didn't see CZ change his signature and return to Binance. $tst started to gain momentum at 1 AM, and I was sound asleep. This morning, after observing $tst, $mubarak, and $cake, I took a small swing on $cake. You know, I went to bed between 3 and 4 AM almost every day when I was in school. I'm really old now. Those born after 2005 can't help but admit it.

Tonight, Alpha's $STBL surged 10x. I saw it all, and you all didn't tell me beforehand. Don't wake up and start a debate by claiming you were ambushed.

"Just a Flash in the Pan" The three major buyback kings in the cryptocurrency world are likely Hype, Pump, and Jup. The first two are relatively clear, and I just followed up on Jup today. If Pump benefits from a rebound in issuance, Jup will benefit from a rebound in meme trading. Currently, revenue is $1 million per day. Jup's buybacks are estimated at $500,000 per day. This translates to approximately $350 million per year. FDV is $3.5 billion, and MC is $1.6 billion. Compared to Jup's PE ratio (FDV/revenue) of 10, Pump's is only $7. However, Jup's position is more solid. Slightly higher than Pump, but JUP's position is solid, with few challengers. The two most core elements of the entire cryptocurrency world are issuance and trading. Public chains provide issuance ledgers and clearing and settlement. Pump handles meme issuance. JUP and Binance handle trading. Hype is the fastest on-chain contract trading. Uni handles AMM trading in low-liquidity environments. Stablecoins provide the value medium for transactions. Awesome things all revolve around issuance and trading, each with its own unique niche and barriers. Only things centered around issuance and trading are enduring. Other specific themes, whether AI or NFTs, are merely short-lived chips. Of course, this doesn't include Bitcoin. Store of value, the realm of the gods. Mere mortals can't enter. Back to the prediction market. What is a market? It's trading around uncertain real-world events. Interesting. It's neither big nor small, but it will never die.

"The First Kiss Is Gone" Silly Brother: You can't kiss Sha Bao on the mouth. Save your first kiss for his future girlfriend. Silly Sister-in-law, furious, immediately kisses Sha Bao on the mouth. Silly Brother, horrified: Oh no, my first kiss is gone.

Watching people speculate on cryptocurrencies on Twitter can easily lead to a frenzy. A few days ago, livestreaming cryptocurrencies exploded, and the market enthusiasts were all waiting in the wings. Today, the primary market experienced a major pullback, and the market enthusiasts are all fleeing the market. It's frustrating to watch.

If you could only choose three companies' stocks, which ones would you choose? Just consider the investment potential, any sector will do.

"I Decided to Send My Mom Away" Yesterday I returned from mahjong, won again, and Stars went up. Stars, a new platform with a new mechanism like Xlayer, is really exciting. It was so satisfying. This morning, I woke up to a slew of new stocks on the market. The live streaming sector has officially taken off. Bagwork is the leader, but its market cap is already too high. I briefly discussed this sector with Wolf. Bun, Cameo, and FTP all have potential to make waves. But I'm still observing. Live streaming is taking off, and I'm so scared I'm adding to my pump position. I've also jumped on Polysimplr because I realized I've been following the official Poly platform account. I canceled because I realized I'd over-interfered with the price. Its product is exactly what Poly needs. It's significantly better than Polyagent. If I were Poly and really considered investing in this upstream company, my instinct would be Polysimplr. Of course, there could be even better product forms in the future. But compared to these, Polysimplr is the best right now. Although I made 4-5 times the profit on Polyagent, I still sold it at a loss. But it also tells me that the tailwind has begun. The long-term holding strategy is working. News of Polymarket's $10 billion valuation funding round has come out. If it weren't for this news, I would have seen even more facts. But it's okay, it's enough. Linea's foxy is also gaining momentum. Generally speaking, a public chain ecosystem needs to make a splash. What to buy? Buy memes. Dragon 1 + DEX Dragon 1 + the public chain's parent coin. Everything else is superfluous. Also, the meme Dragon 1 should account for approximately 1% of the public chain's market capitalization. During periods of extreme FOM, it can reach 2%. Today, I'm busy with the war, but my mom is still clamoring for me to take her to the Tiananmen Gate Tower. What's so great about the Tiananmen Gate Tower? She imagines herself standing on the rostrum overlooking it. My silly brother has already decided to send my mom back home.

I'm about to go play mahjong. Before I left, I realized xlayer is still important. I definitely chased $xdog a bit. Long tail, I discovered a new mechanic for #stars. My group friend noticed it, and I thought it was fun, so I added some. I'm leaving soon. Hope I win some money.

"Reflections on Delisting" Recently, $BAKE and $HIFI have seen explosive increases of 5-10 times. Sha Ge analyzes the reasons for these increases: The attention gained from delisting + improved external liquidity + the continued existence of the contract gives market makers significant room for manipulation. As long as they still hold some coins This wave of activity wasn't handled properly, and they didn't pay enough attention after the Bake. Sha Ge analyzes how delisting reduces trading costs: The resulting sell-offs also give market makers an opportunity to recapture their holdings. The certainty of short selling also provides a source of profit for market makers. They don't have to meet Binance's various constraints. Qi Ge analyzes the long-short logic: Bake's price increased 5 times before, and HiFi's price increased 10 times between last night and this morning. Both saw positive fees. This indicates that there are more long positions. Previous instances of multiple-fold increases would have driven fees to negative levels. With fewer short sellers now, a short market crash is unlikely, making it more likely to occur in a single wave. The ratio of short sellers is smaller than the ratio of long sellers. This means that some people are still shorting. Furthermore, after the market makers drive up the price, some will buy in, chasing the gains, and then sell to drive the market down. It's highly likely a one-time move, with the market makers selling and then abandoning their positions. Of course, there's a certain probability of this happening. It's also possible that this could happen repeatedly, but I think the probability is lower. Because of the decreasing trend, retail investor sentiment is also decreasing. If there's a short-term market crash, the market will remain strong. The combination of funding rates and short-term crashes is crucial, so the price needs to be pushed up and maintained. When Alpaca was delisted, it was incredibly popular. Everyone believed that if it was pushed up too much, it would inevitably fall, leading to a large number of short sellers. Then Alpaca became a success, seemingly increasing its value by over 100 times. But everyone has memories, and after Alpaca, people are less likely to short delisted coins. Then there's the alpha token, MYX, which was the first to break out, increasing its value by hundreds of times. Everyone also believed it was bound to fall, believing its valuation was too high. Therefore, many people are shorting. Be patient. We already have the muscle memory and understanding from these two battles.

Why?