As we see emotions run high in bull markets, it's important to differentiate between mania and narratives that can actually make you wealthy. While it's natural to fall prey to mania at the top of a market, there are some signs you can look out for that may indicate that narratives are turning into mania.

One sign is when a crypto app becomes the top app, as this can be a sign of widespread hype and mania. Another sign is the prevalence of sell-shaming, which is often a disguise for jealousy or ingroup vs outgroup thinking. This attempt at coercion is not a good sign.

In a bull market, we may also see more frequent "rug-pulls," or projects that are left undelivered, rather than the "blowups" we typically see in bear markets. And as a bonus, the influx of journalists into crypto spaces can also be a marker of mania.

Of course, no individual marker is enough to signal the top of the market on its own. However, a combination of these markers can be a strong indicator that it's time to be cautious.