If you are a market maker, how should you play in this game to ensure the highest profits? If it were me, I would try to set a very high opening price for sniping, which can ensure the exit point is the highest, and then try to push it down to buy back the chips (so the opening price is not determined by the exchange, but by the project party and the market maker; next time don't blame the wrong people, but during this process, leading exchanges do have the ability to help retail investors gain more rights, such as in the pre-market, or more extreme, agreeing with the project party in advance that if you come to my venue, the opening price cannot be higher than a certain amount, otherwise don't come again. But there are very few exchanges with such absolute premium capabilities). So the relationship between the market maker and the project party is one of cooperation + gamesmanship, unless it is a well-managed project party that has agreed in advance not to crash, everyone should first scale up the market; otherwise, both the project party and the market maker can easily turn into a 'rush game'. The market maker wants to exit at a high point, and the project party has spent so much money on listings and marketing, so they also want to exit at a high point. If by chance the market maker has a lot of chips, there will be a situation where both sides rush to exit, directly shattering the consensus of the market. In this case, retail investors will be directly crushed. You can observe which newly listed VC coins are being heavily crashed; these are situations where neither the market makers nor the project parties have thought about doing well and have pushed garbage listings directly into a harvesting mode.