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Are early participants in small-cap coins just followers of leading exchanges?

People involved in investing and project participation in the crypto space often struggle with this question: Should they heavily invest in small-cap coins and new ecosystems during their early stages, or wait until top exchanges list them and mainstream narratives mature? Is it better to bet on niche segments' potential or to follow verified hot topics?

To seek stability or quick profits, many choose to wait for endorsements from big names, recommendations from mainstream exchanges, or narratives that have already been market-validated. This approach seems safe, but the result often is earning only the small gains brought by consensus—that is, local profits—while missing out on the explosive global returns.

Looking back to around 2015, the smartest investors at the time likely bet on "niche" public chains like Ethereum—back then, it wasn't listed on major exchanges, far less attention than Bitcoin, and many people didn't even know what it was. Conservative investors waited for the next Bitcoin rally. Ten years later, those who went all-in on the Ethereum ecosystem compared to those waiting for "clear signals" have achieved returns of hundreds or even thousands of times.

Those who gained the era's dividends through early choices each have their own reasons when recounting their investment stories.

It's like some discover potential projects through fundamental analysis, while others find them through community research. When they reflect on their experiences later, they draw completely different conclusions—some say, "My success came from in-depth study of the code and tokenomics," while others say, "I didn't think much, I just followed a certain KOL."

When you seek advice from these successful veterans and hope to replicate their success, what you might hear are their specific actions or decisions. But the real dividend they gained came from unintentionally riding the wave of that era. Those lifted by the elevator can always tell a story about their "hard work," but the core difference often lies in— they chose the right direction for the elevator.

In the crypto market, choosing the right path is more decisive for your ceiling than mere effort.