I found that the thinking of people in the secondary and on-chain is very different.
People on the chain like to get the first stage results. They may rush into the coins such as act/pnut with a few million in the early stage, and sell them all when they reach tens of million.
People who are used to the secondary, when they come to the chain, like to get the second stage results. They start to build positions when these coins rise and fall, with a cost of tens of million, and have been able to get hundreds of millions or even billions.
They are all good, each has its own advantages, and each sees different space.