The performance of the Bonk project is indeed interesting. Observing its price movements reveals some obvious patterns. When the market is bullish and market sentiment is high, it often consolidates with oscillations at high levels, giving the impression of an opportunity to participate. But once the market turns, the adjustments can be quite fierce.

What's even more intriguing is the logic behind the price movements. When you think the bottom has stabilized and it's safe to hold your position, that's actually when the risk is greatest—big players have long understood retail traders' psychological expectations and use this timing to absorb market liquidity. Then comes the patient grinding process until most people are forced to cut losses due to psychological breakdowns, at which point an upward surge is triggered. Under this rhythm, it's very difficult to acquire high-quality chips at the bottom.

For such projects, participation strategies may need to be more cautious—either choosing to participate at high levels when the market is clearly bullish, accepting short-term volatility; or completely avoiding and waiting for the market structure to change fundamentally. This is the lesson Bonk offers to traders.