Recently, after this wave of market fluctuations, many investors have fallen into confusion—should they hold or withdraw? As a professional engaged in long-term observation of the crypto market, I want to analyze the possible rebound paths after this adjustment from the perspective of market microstructure.

**The Dilemma of Liquidity Exhaustion**

The most obvious phenomenon during the adjustment is extremely tight liquidity. A large amount of capital is in a wait-and-see mode, and market activity has plummeted. To break this deadlock, the market needs a "trigger point"—one that not only lowers the entry cost but also creates a clear profit-making effect, thereby attracting potential funds to re-enter.

**Why Small-Cap Coins Become the Breakthrough Point**

PEPE's contrarian performance is a concrete reflection of this logic. Why it and not others? The reason is quite straightforward: first, coins with small market caps and relatively concentrated holdings have low startup costs. A small amount of coordinated capital can move the price without exerting excessive pressure. Second, coins that have been in a low position after a long decline can see significant percentage gains from even slight upward movements. This profit-making effect can quickly spread, rapidly attracting hesitant funds and fresh blood.

This is not an accidental phenomenon but an inevitable step in market self-repair. Small coins serve as "bait," creating profit-making effects to restart the overall market cycle. The key points to observe next are whether this rebound can generate sustained capital inflow momentum and whether mainstream coins will follow suit.