Which Came First? The Narrative or the Price?
The crypto markets tend to be extremely reflexive. The theory of reflexivity is based on the idea that traders and investors base their decisions on perceptions instead of reality. In a market sense, this is often related to price movements.
In a reflexive market, it becomes easier for investors to perceive something as valuable the more the price increases, which leads to the parabolic price moves that can be seen in assets such as the GOAT token. Using GOAT as an example:
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