Speculative capital dominates, performing a repeated PUMP AND DUMP scenario in an unregulated market: Speculators pursue high profits, often pulling out right after driving prices up, which is very unscrupulous, leaving many unsuspecting individuals trapped. Their methods include pump and dump, arbitrage trading, and participating in project hype, which can temporarily increase market liquidity and activity and promote technological innovation. However, the negative impacts are more significant, such as causing severe price fluctuations, increasing market uncertainty and risk, harming ordinary investors, and triggering market panic and instability.