The giggle market maker (mm) is a top-tier smart mm. First wave: Pumped to 290, the market expected 500m or 1b, so mm started selling. Second wave: Kept selling off tokens, suffocating the bulls until they started questioning their beliefs. After dropping to 100, most of those who chased the spot price ended up cutting their losses, doubting whether this was just a one-time pump. Third wave: CZ retweeted, pumped from 72 to 110. MM tested the waters and realized the market’s attention was still there, so they went all in. Bulls started fighting each other (PVP), and it got dumped back to the 50s. The next morning at 8 AM, MM tested liquidity again, pumped it up a bit, and then dumped it back to the 40s—a classic Wyckoff double bottom. Fourth wave: Coordinated with CZ’s news, pumped again. He Yi also shared it, and the pump continued, hitting 280 in one go. Along the way, bulls started doubting whether it would drop again, so there were exits throughout. The car got lighter and lighter, as no one wanted to be fooled a second time. Meanwhile, those who kept their faith believed this wave would hit 500m. Fifth wave: Pumped to a double top, but realized there wasn’t enough natural buying pressure, so they dumped again. On Thursday, many altcoins were testing the waters, giggle tried another pump, but then the US stock market continued to dip. At 200-220, bulls were given a chance to exit, and then it got dumped again. The psychological game here: MM knows all the retail investors’ thought processes, even the die-hard bulls leading the charge. That’s why they managed to dump on so many people in the first wave. The second wave was a complete smokescreen—no pumping, just waiting for the bulls to fight each other and get wrecked. The third wave was a real pump, but by then, few dared to jump in early. Many people’s cost basis was in the 100-200 range, and as the price rose, they kept adding to their positions, thinking it would hit new highs—then MM dumped again. What’s next? No idea. All I know is this MM is way too smart. This year, it seems only the smart ones are left. The hedging pros got wrecked, the DeFi pros got wrecked, and I don’t know if the meme pros will get wrecked too. But one thing I do know is that there are fewer fools in this industry now. At least you don’t see them on Twitter anymore—maybe they’ve all gone back home to run sand quarries.