Different coins have different ambitions. Some coins, from the moment of their inception, have the top-tier exchanges as their ultimate goal, or frankly, just for liquidity. Others see listing on major platforms as a new starting point, aiming to open up a broader market.

The problem is—there are too many bad coins. Projects born solely for liquidity flood the market, and gradually everyone begins to view every coin with the same perspective. Once they are listed on spot trading pairs, their lifecycle is basically over.

What’s even more outrageous now is that some coins with only a few million in market cap have their backers already fabricating expectations that they will soon be listed on top exchanges. This kind of sky-high imagination artificially inflates their valuation. Market sentiment is hijacked by these illusory expectations, and signals that are difficult to distinguish between true and false flood the scene. Behind this phenomenon, it actually reflects the fragility of overall market confidence.