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Ansem: During a bull market, strong altcoins will continuously emerge, and one should keep looking for opportunities for excess returns

Cryptocurrency trader Ansem posted that frequently monitoring the market and judging price trends based on 15-minute candlesticks can easily lead to overtrading. Investors should manage their spot, perpetual contract, and high-risk on-chain trading accounts separately, and should not attempt to catch every local top and bottom, as this may harm long-term investment returns. Instead of frequent trading, it is better to study historical bull markets and observe how long upward trends typically last.The upward cycles of altcoins are usually faster, often outperforming the market for 4 to 6 months, after which new market leaders emerge, especially after a market capitalization growth of more than 10 times. However, there may be a few exceptions in this cycle: some altcoins may see significant revenue growth alongside price increases, thus their fundamentals may improve simultaneously.In past cycles, altcoins primarily peaked due to shifts in market attention and weakening momentum, but in this cycle, if some projects experience substantial changes in revenue and other data, institutional funds may continue to buy actively, and investors need to adjust their original judgments in a timely manner based on new information.In the last cycle, Bitcoin bottomed out in January 2023 and peaked in October 2025, with an upward trend lasting about 33 months. If this cycle bottomed out in July, it is currently only in the 4th month.It is believed that in a longer-term bull market, multiple "mini-bulls" led by specific altcoins will emerge, and investors need to identify these phase-strong assets and continuously reinvest profits into high-performing targets, allowing short-term winners to gradually transform into long-term investments.

Pump.fun adjusts the Callout reward mechanism: high-frequency releases lead to diminishing marginal returns, with rewards placing greater emphasis on content quality

Alon, co-founder of Pump.fun, stated that two months after the launch of the platform's $15 million Callout reward program, it was found that the initial mechanism inadvertently incentivized undesirable behavior, leading to a flood of low-quality content and weakening users' willingness to continuously create high-quality content.Pump.fun subsequently adjusted the reward algorithm to place greater emphasis on content quality rather than the quantity of posts. According to the new mechanism, the more Callouts a user posts each day, the lower the marginal returns from the new content. Alon mentioned that the reward mechanism is still undergoing iterations, but there is still a lot of work to be done to ensure that a large number of users can sustainably produce high-quality content over the long term.He also stated that the rewards currently cover both top accounts and accounts with fewer than 10 followers, with no favoritism or preferential treatment. Alon suggested that users focus on recommending quality tokens, building trader trust through content, and earning rewards based on the trading volume generated by their Callouts. He emphasized that simply flooding the platform with Callouts or dumping tokens to followers will not yield sustainable returns.
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