Sniping small coins at low prices used to be a public strategy. I used to play with a portion of my funds like this. Back then, small coins didn’t have as much liquidity, and sudden price spikes weren’t uncommon. It could happen even without a black swan event, plus there were always people selling directly at market price. Previously, market price was the default option, and if you weren’t careful, mistakes could happen… leading to a long wick… Later on, at some point (forgot when), exchanges changed the default option to limit orders.