People’s understanding of token launches stems from evolutionary trends—patterns that carry the memory of past profits. What matters isn’t just what happened before, but what worked before. Most participants aren’t betting on fundamentals; they’re trying to recreate moments when they made money, chasing past highs by repeating the same behaviors.

The market today consists of three distinct cohorts, each shaped by their entry point:

1. Pre-2018 "OGs" – Seek certainty, valuing roadmaps, tokenomics, utility, and vision. They demand proof of work, real progress, and revenue. These are ICO natives who’ve witnessed cycles and favor projects that evolve.

2. Post-2020 "Degens" – Look for shortcuts, often holding bags shilled by KOLs. Their mindset is rooted in wishful thinking—less about substance, more about finding the next exit liquidity. Low patience, infinite expectations.

3. Recent On-Chain Newcomers – Chase free airdrops or quick pumps. They ape into every farm, trend-hop, grind for points, and FOMO into every narrative. But their expectations are unrealistic—even a few thousand dollars in profit feels small, and most end up rekt from overtrading.

These groups operate in three separate "psycho-spaces"—what I call intersubjective realities.

In crypto, intersubjectivity isn’t abstract philosophy—it’s real. It refers to shared beliefs that become reality because enough people act as if they’re true.

These collective fictions drive markets.

• Participants in these spaces validate each other, creating a self-reinforcing tribe.

• They narrate, shill, and defend their views, acting as positive (or negative) catalysts for tokens.

• They take early risks, invest effort, and believe before the story materializes.

When a token launches, they don’t just hold it—they become it. They are the community:
Meme creators
Social media evangelists
Attention magnets

Case Study:

• Hyperliquid – Early believers formed a strong intersubjective group, rewarded by a massive airdrop, which then "proved" their faith was justified, attracting more believers.

• Memecoins (BONK, WIF, POPCAT) – Thrive on intersubjective energy before fundamentals (if any) kick in.

In crypto, price is the leading indicator.

• If price goes up, more people join.

• But first, someone must believe it will go up.

This is where intersubjective groups come in:
🚀 They act before results.
🚀 They are the cause, not the effect.
🚀 They collaborate—shilling together, posting together, fighting FUD together.

When outsiders join, price becomes confirmation. It’s no longer just a number—it’s a signal, triggering:
➡️ More confidence
➡️ More buying
➡️ More price movement

This is reflexivity.

1. People buy because price rises.

2. Rising price "proves" success.

3. Success becomes marketing material.

4. Marketing shapes narrative.

5. Narrative attracts more buyers.

6. More buyers push price higher.

But the real driver behind pumps varies:

• Memecoins → Culture

• DeFi → Revenue

• AI Agents → Tech hype

The common thread? It starts with a shared belief among a few and ends with mass buying.

Those entering during the reflexive phase buy dreams, not logic—they become exit liquidity for the intersubjective early adopters.

Over time, multiple "realities" form around the same token:

• Each group has slightly different beliefs.

• Each expects different outcomes.

• Each exits at different times.

These micro-intersubjective spaces create:
🔥 Volatility
🔥 Greed
🔥 Chaos

Most trapped in these bubbles forget why they entered, remembering only potential losses. When the crash comes, they lose not just money, but faith.

The true beneficiaries of price discovery are those who:
Coordinated early (shared belief + group action).
Exited confidently (before the narrative flipped).

Price discovery isn’t a chart event—it’s a coordination event. It’s shaped by:

• How people perceive value

• What stories they believe

• How they act in sync

To survive, always ask:

1. Which phase am I in?

2. Which "reality" am I playing?

3. What’s my real thesis for holding?

The clearer you are about your psychological foundation, the better your outcomes.

Final Thought:
Crypto isn’t just about code or economics—it’s about collective psychology. Play the game, but know the game playing you.

People’s understanding of token launches stems from evolutionary trends—patterns that carry the memory of past profits. What matters isn’t just what happened before, but what worked before. Most participants aren’t betting on fundamentals; they’re trying to recreate moments when they made money, chasing past highs by repeating the same behaviors.

The market today consists of three distinct cohorts, each shaped by their entry point:

1. Pre-2018 "OGs" – Seek certainty, valuing roadmaps, tokenomics, utility, and vision. They demand proof of work, real progress, and revenue. These are ICO natives who’ve witnessed cycles and favor projects that evolve.

2. Post-2020 "Degens" – Look for shortcuts, often holding bags shilled by KOLs. Their mindset is rooted in wishful thinking—less about substance, more about finding the next exit liquidity. Low patience, infinite expectations.

3. Recent On-Chain Newcomers – Chase free airdrops or quick pumps. They ape into every farm, trend-hop, grind for points, and FOMO into every narrative. But their expectations are unrealistic—even a few thousand dollars in profit feels small, and most end up rekt from overtrading.

These groups operate in three separate "psycho-spaces"—what I call intersubjective realities.

In crypto, intersubjectivity isn’t abstract philosophy—it’s real. It refers to shared beliefs that become reality because enough people act as if they’re true.

These collective fictions drive markets.

• Participants in these spaces validate each other, creating a self-reinforcing tribe.

• They narrate, shill, and defend their views, acting as positive (or negative) catalysts for tokens.

• They take early risks, invest effort, and believe before the story materializes.

When a token launches, they don’t just hold it—they become it. They are the community:
Meme creators
Social media evangelists
Attention magnets

Case Study:

• Hyperliquid – Early believers formed a strong intersubjective group, rewarded by a massive airdrop, which then "proved" their faith was justified, attracting more believers.

• Memecoins (BONK, WIF, POPCAT) – Thrive on intersubjective energy before fundamentals (if any) kick in.

In crypto, price is the leading indicator.

• If price goes up, more people join.

• But first, someone must believe it will go up.

This is where intersubjective groups come in:
🚀 They act before results.
🚀 They are the cause, not the effect.
🚀 They collaborate—shilling together, posting together, fighting FUD together.

When outsiders join, price becomes confirmation. It’s no longer just a number—it’s a signal, triggering:
➡️ More confidence
➡️ More buying
➡️ More price movement

This is reflexivity.

1. People buy because price rises.

2. Rising price "proves" success.

3. Success becomes marketing material.

4. Marketing shapes narrative.

5. Narrative attracts more buyers.

6. More buyers push price higher.

But the real driver behind pumps varies:

• Memecoins → Culture

• DeFi → Revenue

• AI Agents → Tech hype

The common thread? It starts with a shared belief among a few and ends with mass buying.

Those entering during the reflexive phase buy dreams, not logic—they become exit liquidity for the intersubjective early adopters.

Over time, multiple "realities" form around the same token:

• Each group has slightly different beliefs.

• Each expects different outcomes.

• Each exits at different times.

These micro-intersubjective spaces create:
🔥 Volatility
🔥 Greed
🔥 Chaos

Most trapped in these bubbles forget why they entered, remembering only potential losses. When the crash comes, they lose not just money, but faith.

The true beneficiaries of price discovery are those who:
Coordinated early (shared belief + group action).
Exited confidently (before the narrative flipped).

Price discovery isn’t a chart event—it’s a coordination event. It’s shaped by:

• How people perceive value

• What stories they believe

• How they act in sync

To survive, always ask:

1. Which phase am I in?

2. Which "reality" am I playing?

3. What’s my real thesis for holding?

The clearer you are about your psychological foundation, the better your outcomes.

Final Thought:
Crypto isn’t just about code or economics—it’s about collective psychology. Play the game, but know the game playing you.