In the cryptocurrency space, there are three types of market makers, along with some typical project cases. 1. Sole Market Maker Representative Case: Most Altcoins. As the name suggests, a 'sole market maker' refers to a large investor controlling a project, completing the entire process of accumulating, driving up, and unloading a certain token. In the sole market maker model, the price fluctuations of the coin almost entirely depend on the market maker's will, which can easily cause significant financial harm to investors, making it a primary target for financial regulatory authorities. Therefore, 'sole market makers' generally only appear in financial markets that are just starting out and lack regulation, such as in the 1990s, with the 'Lvliang Fleet' and 'Delong System' active in the A-shares market, whose related stories are very similar to today's cryptocurrency space. Later, with the strengthening of regulations, the phenomenon of 'sole market makers' has basically disappeared in mature markets like stocks, but in today's chaotic cryptocurrency market, it remains mainstream. In fact, most of the altcoin projects that everyone can see today, especially new projects, are actually 'sole market makers'. This is also why they can often experience significant price increases in a short period, because for market makers holding a large amount of tokens, they will not easily sell off before reaching their target price. The remaining small portion of altcoins belongs to what I will introduce next. 2. Mixed Market Maker Representative Case: Most Mainstream Coins. Undoubtedly, for market makers, the 'sole market maker model' is the ideal control situation, allowing them to manipulate prices as they wish without worrying about interference. However, this model does not work for mainstream coins. On one hand, mainstream coins have been in development for a longer time, and a considerable portion of the tokens has circulated into the market; on the other hand, after experiencing the previous bull market, many mainstream coins have a large market capitalization, and a single market maker does not have enough strength to control the majority of tokens to monopolize the market maker's position. Thus, they can only settle for a compromise, with several market makers collaborating together. As the saying goes, the market maker's paradise is often the retail investor's hell, and vice versa. Compared to the rampant altcoins with the 'sole market maker model', the 'mixed market maker model' of mainstream coins is relatively safer for investors. The reason is simple: unlike the arbitrary nature of 'sole market makers'.