When most people are still unaware, the funds that discovered and invested in a certain address early on are considered smart money. However, once the majority of the market also discovers this address, the smart money suddenly seems less smart. In fact, it is not that smart money has lost its wisdom, but rather its purpose has been achieved — successfully attracting market attention and following.

Typically, only three types of people can buy in the earliest stages: first, the coin issuers or their associates, who inherently have an information advantage; second, those investors who cast a wide net, capturing opportunities through numerous attempts; and third, individuals with strong research capabilities who can deeply analyze and identify value early on. However, such individuals are extremely rare. What is commonly seen in the market is primarily the first two scenarios.