Today's Base chain market is best described by one word—crazy.

Just look at these data points to understand. CLANKER's market cap has surpassed $44 million, with a daily increase of 28%. Celebrity coin thenickshirley broke through $5 million, up 25%. Even old projects like VIRTUAL and KTA are benefiting. The gainers are all in the red, with hardly any green in sight.

At this moment, many are wondering—has there been some major positive news? Is there a turning point in the project's fundamentals?

Honestly, no.

The problem is actually very simple: when the bull market starts, liquidity opens the floodgates. There’s too much money in the market—so much that no one cares what your project actually does, and no one cares how solid your fundamentals are. As long as the hype persists, as long as there’s a story to tell, and as long as it can be manipulated, capital will rush in.

At this point, the stories that generate high yields far outperform those that are genuinely well-managed. A name, a chart, a meme—anything can be endlessly hyped. Even projects with no real application can still see outrageous price movements.

This is the most tempting part of a bull market, but also the most dangerous.

It gives everyone a chance to get on board, but it can also easily lead to a misconception: thinking that as long as you’re bold enough and throw money in, you can make big profits.

But remember an old saying—when the tide goes out, you see who’s been swimming naked.

Every wave of madness now is laying the groundwork for a future crash. Enjoy the thrill of this bubble, but make sure to have solid risk management in place. Because history shows that greedy people tend to make the fastest gains—and suffer the harshest losses.