Alpha-farming: an illusion of regularity or a classic "pump-dump" scheme?

The numbers speak for themselves: currently, 500-700 thousand accounts are active at Alfa. It would seem that if revenues are falling, people should be leaving. But no — more and more are coming in. What's the catch?

This pattern resembles the classic behavior of altcoins: two spikes in activity coincided with the rise of NXPC and XPL, and people decided that they had found a gold mine. The logic is simple: if you endure, you will wait for the moon.

But here’s the catch. Before each pump event (March-April), there was a wave of exits — this was precisely what increased the earnings of those who remained. Now there are no exits, and people are only coming in. When no one is giving up and the pie is getting thinner — that’s a red flag.

Historical parallel: altcoins work the same way. They pump the price, wash out the weak, grow hope again, and then… quietly exit the position. All who remain loyal — hold the bag.

Conclusion: when most are convinced that all they need to do is wait, it may be time to rethink the strategy. The rules of the game have changed, but the players have not noticed.

P.S. This is a personal opinion of a newcomer — take it skeptically, but think actively.