Remember when a coin got rugged or farmed, the ones holding would just HODL—or even buy the dip? Sounds wild now, but back then that kind of chaos was treated as bullish. People watching from the sidelines would pile in, figuring if things could survive that chaos, maybe there was something there. A rug literally became a buying opportunity.

Fast forward to today? Different story entirely. One whiff of farming pressure or rug concerns and everyone's heading for the exits. The selling is immediate, the panic is real.

So what flipped? Is it the sophistication of funds now in the space? Better information and less patience from retail? Or have people just learned that not every project survives—that conviction actually matters? Maybe it's all three. But one thing's clear: the market's relationship with risk has fundamentally shifted.