Lighter seems to be missing that powerful self-reinforcing cycle Hyperliquid managed to establish. When HyperLiquid tanked to $9 during the last bear phase, it eventually recovered with strong momentum. But Lighter's situation feels different. The thing is, a lot of folks jumped in at launch banking on a Hyperliquid-style recovery—same playbook, same hopes. Now you're seeing more of the same mentality trickling in again. People buying the dip thinking lightning will strike twice. The market psychology here is pretty transparent: chase the narrative, ride the wave, hope it works out. Except not every project has that perfect storm of liquidity, community strength, and utility working together. That's what separates the ones that truly bounce back from those that just fade.