People's understanding of token issuance stems from evolutionary trends. In cryptocurrency, evolutionary trends often carry memories of past profits. What matters is not just what happened in the past, but the patterns that worked in the past. Therefore, most participants are not genuinely betting on fundamentals, but rather trying to replicate moments when they made money, subconsciously chasing historical highs by repeating the same behaviors.
In this market, there are participants from different time points:
A part of them are "old players" from before 2018;
Most of the participants entered the market after 2020;
There are also on-chain users who joined in the past three years.
These groups have different perceptions of token issuance based on their respective evolutionary tendencies. This means that their emotional interpretations and expectations of the same event are completely different.
Participants before 2018 still pursue certainty, valuing roadmaps, token economics, practicality, and vision, hoping the team provides proof of work and real progress, preferably with actual income. They are the natives of ICOs, having witnessed the changes in cycles, and tend to favor projects that continue to evolve.
Participants after 2020 seek shortcuts, most still hold tokens from KOL "feeding". Their mindset is rooted in wishful thinking; they may not care about the substance of the project, only whether someone will take over at a higher price. Patience is limited, expectations are infinite.
Recently, new users on the blockchain are seeking free profits or quick thrills. They act aggressively and swiftly, participating in all mining activities, following every trend, hustling for points, and attempting to hype every hot topic. However, their expectations are too high; even earning a few thousand dollars feels insufficient, and ultimately they incur losses due to overtrading, with most getting deeply trapped and unable to extricate themselves.
These three types of participants have three different "psychological spaces," which I refer to as intersubjective space.
The intersubjectivity in cryptocurrency is not an abstract philosophical concept, but a real existence. It refers to the shared common beliefs among multiple people, and this "collective fiction" temporarily becomes reality through the collective actions of all.
In the cryptocurrency field, these common beliefs drive the development of the market.
The thoughts of the participants in these spaces are intersubjective. They recognize each other, promote each other, and uphold each other's viewpoints. This intersubjectivity creates a powerful group, a tribal force, which acts as a positive or negative catalyst for the tokens.
People who are in the space between these subjects got involved early on. They took on more risks, invested more energy, and believed in it before the story became a reality.
When tokens are delivered, they invest emotions. They are not just holding tokens; they become the tokens themselves. They are the community. They become the spokespeople for the projects on social media, attracting attention, creating memes, drawing in others, and continually expanding the intersubjective space.
Hyperliquid is a typical case: early believers formed a strong intersubjective community, receiving rewards through large-scale airdrops, and the airdrops themselves became evidence of "belief working," further fostering more belief and creating a cycle. A similar logic applies to Memecoins like BONK, WIF, and POPCAT, which are all initially driven by intersubjective energy.
In cryptocurrency, price is the narrative and a leading indicator.
If the price goes up, more people will join. But before that, someone needs to believe that the price will rise. This is where the inter-subjective group plays a role.
They took action before the results. They became the cause. These believers do not act in isolation; they act through interpersonal collaboration. They promote together, post together, fight together, and collectively build a shared reality.
When others start to join in, they will see the price as confirmation. The price is no longer just a number, but a signal. This signal will cycle back and forth, generating more confidence, more purchases, and more price action. This is reflexivity.
The reflexivity of cryptocurrency means that prices influence beliefs, and beliefs in turn influence prices. This creates a feedback loop where perception and valuation affect each other.
Specifically manifested as:
People buy tokens due to price increases;
Price increase becomes proof of success;
Successfully converted into marketing materials;
Marketing shapes the narrative;
Narrative attracts more buyers;
More buyers drive prices further up.
But the "cause" of the price surge is far more complex than the "effect":
The driving force of Memcoin may stem from culture;
DeFi projects may derive from income;
AI agents may originate from technology.
Their commonality is: starting with the shared beliefs of a few, ending with the buying in of the majority.
People who enter during the reflexive phase usually buy "dreams" rather than logic, and they become the "exit liquidity" for those entering during the intersubjective phase.
At this time, the game presents asymmetry.
Participants in the two stages (inter-subjective stage and reflexive stage) manipulate information, create narratives, distort facts, and extend beliefs to align others with their version of reality.
Over time, multiple realities have formed around the same symbol. The beliefs of each group vary slightly. These are all perceived realities, micro-echo chambers of belief. Each group has different reasons for holding differing views, expects different outcomes, and exits at different moments. These micro-inter-subjective spaces create turbulence, fear, greed, and often chaos.
Most people in these micro-realities fall into extreme greed, forgetting their initial intentions for entering and only remembering the potential losses. When the bubble bursts, they not only lose money but also their faith, collapsing in the space they once celebrated.
The true beneficiaries of token price discovery are those early coordinators (who shape the token price through shared beliefs, behavioral resonance, and collective collaboration). However, even for them, profits can only be realized if the token price remains significantly above their expectations for a long time, allowing them to exit with confidence.
Ultimately, price discovery is not a chart event but a coordination event. It is shaped by how humans perceive value, believe in stories, and how they synchronize actions with others.
So, you must always know:
Which stage you are in;
What kind of "reality" is being participated in;
What kind of understanding do you hold when you believe that the token will rise?
The clearer your understanding of your own psychological foundation, the better results you can create for your positions.
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The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Group Psychological Game: Token Cognition Map of Three Types of Players
Author: hitesh.eth
Compiled by: Luffy, Foresight News
People's understanding of token issuance stems from evolutionary trends. In cryptocurrency, evolutionary trends often carry memories of past profits. What matters is not just what happened in the past, but the patterns that worked in the past. Therefore, most participants are not genuinely betting on fundamentals, but rather trying to replicate moments when they made money, subconsciously chasing historical highs by repeating the same behaviors.
In this market, there are participants from different time points:
These groups have different perceptions of token issuance based on their respective evolutionary tendencies. This means that their emotional interpretations and expectations of the same event are completely different.
These three types of participants have three different "psychological spaces," which I refer to as intersubjective space.
The intersubjectivity in cryptocurrency is not an abstract philosophical concept, but a real existence. It refers to the shared common beliefs among multiple people, and this "collective fiction" temporarily becomes reality through the collective actions of all.
In the cryptocurrency field, these common beliefs drive the development of the market.
The thoughts of the participants in these spaces are intersubjective. They recognize each other, promote each other, and uphold each other's viewpoints. This intersubjectivity creates a powerful group, a tribal force, which acts as a positive or negative catalyst for the tokens.
People who are in the space between these subjects got involved early on. They took on more risks, invested more energy, and believed in it before the story became a reality.
When tokens are delivered, they invest emotions. They are not just holding tokens; they become the tokens themselves. They are the community. They become the spokespeople for the projects on social media, attracting attention, creating memes, drawing in others, and continually expanding the intersubjective space.
Hyperliquid is a typical case: early believers formed a strong intersubjective community, receiving rewards through large-scale airdrops, and the airdrops themselves became evidence of "belief working," further fostering more belief and creating a cycle. A similar logic applies to Memecoins like BONK, WIF, and POPCAT, which are all initially driven by intersubjective energy.
In cryptocurrency, price is the narrative and a leading indicator.
If the price goes up, more people will join. But before that, someone needs to believe that the price will rise. This is where the inter-subjective group plays a role.
They took action before the results. They became the cause. These believers do not act in isolation; they act through interpersonal collaboration. They promote together, post together, fight together, and collectively build a shared reality.
When others start to join in, they will see the price as confirmation. The price is no longer just a number, but a signal. This signal will cycle back and forth, generating more confidence, more purchases, and more price action. This is reflexivity.
The reflexivity of cryptocurrency means that prices influence beliefs, and beliefs in turn influence prices. This creates a feedback loop where perception and valuation affect each other.
Specifically manifested as:
But the "cause" of the price surge is far more complex than the "effect":
Their commonality is: starting with the shared beliefs of a few, ending with the buying in of the majority.
People who enter during the reflexive phase usually buy "dreams" rather than logic, and they become the "exit liquidity" for those entering during the intersubjective phase.
At this time, the game presents asymmetry.
Participants in the two stages (inter-subjective stage and reflexive stage) manipulate information, create narratives, distort facts, and extend beliefs to align others with their version of reality.
Over time, multiple realities have formed around the same symbol. The beliefs of each group vary slightly. These are all perceived realities, micro-echo chambers of belief. Each group has different reasons for holding differing views, expects different outcomes, and exits at different moments. These micro-inter-subjective spaces create turbulence, fear, greed, and often chaos.
Most people in these micro-realities fall into extreme greed, forgetting their initial intentions for entering and only remembering the potential losses. When the bubble bursts, they not only lose money but also their faith, collapsing in the space they once celebrated.
The true beneficiaries of token price discovery are those early coordinators (who shape the token price through shared beliefs, behavioral resonance, and collective collaboration). However, even for them, profits can only be realized if the token price remains significantly above their expectations for a long time, allowing them to exit with confidence.
Ultimately, price discovery is not a chart event but a coordination event. It is shaped by how humans perceive value, believe in stories, and how they synchronize actions with others.
So, you must always know:
The clearer your understanding of your own psychological foundation, the better results you can create for your positions.