From the perspective of COAI, it surprisingly continues to hit new highs after the crash. Baby Bus version: 1. Market makers with high leverage, Tier 1 level key projects, and relatively professional market makers. 2. Price driving is mainly based on spot buying rather than contract counterparties, which is healthier and has higher capital allocation. 3. The next milestone should be the Korean exchange; there shouldn't be major issues before this milestone is achieved. 4. It is one of the few cryptocurrencies that survived the 10-11 crash and is currently continuing to hit new highs. ———— 1. Looking at the situation from the 10-11 crash, COAI still maintains sufficient liquidity. Compared to other projects that have plummeted by -90%, the order placement remains active, indicating that this project is considered a Tier 1 level project from the market maker's perspective, receiving enough capital support. The capital allocation by market makers is never misleading. 2. From the perspective of open interest, after breaking through on 10/06, it has been continuously declining, while the coin price is rising in the opposite direction. This indicates that the core factor driving COAI's price is spot buying rather than short squeezes. Spot buying occupies a larger proportion of capital compared to the contract-driven liquidation-style price surges, making it healthier with a larger capital allocation. 3. Without discussing the project's business logic itself, based on my observations of the project's marketing layout, the Korean exchange should be the next milestone. At least before this milestone is achieved, there shouldn't be any significant abnormal fluctuations observed in the Korean exchange. 4. Comparing with similar leading projects like Virtuals and Sahara, COAI's liquidity is significantly higher than that of Virtuals, and from the trend, it is also significantly better than Sahara, with a healthier structure. ———— In the past month, a code audit has also been conducted on Certik, and after the audit report is released, I will provide a technical interpretation for everyone. Can it replicate the myth of MYX and M again? It is currently continuing to break through.