Many people compare ADA's performance to altcoins, thinking that at least altcoins' rises and falls are straightforward, and they can have a clear idea of when to run. But ADA's issues might be more hidden—many were persuaded to buy at prices like 3U, 8U, and ended up buying more as the price fell, completely unaware of where the other side's chips are coming from.

For example, suppose you invested 10,000U at the current price and the price drops by 50%, leaving your account with 1,000U. It sounds terrible. But from another perspective, the other side had already accumulated positions worth tens of thousands or even hundreds of thousands of U at a price of 0.03. Under the same decline, their unrealized gains and risk tolerance are on a completely different level.

This is why there are always calls to bottom out, and why trading volume becomes more active as prices fall—because the distribution of chips has been unequal from the start. New retail investors entering the market have no cost advantage and are only destined for passive holding. In this situation, the phrase "believing in the project" becomes particularly hollow.