Why are beginners most likely to stumble in the primary market?

An analysis that clarifies the misconception of "it looks popular, but it's actually been set in stone long ago."

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If you've just entered the on-chain primary market, you'll quickly see scenes like this: as soon as the order book opens, someone is placing large buy orders, prices are soaring upward, and chat groups are nonstop shouting "Almost full!"

On the surface, it looks like everyone is rushing in together, pushing prices higher, and making money together.

But the reality is—many beginners suffer their worst losses during this stage.

This isn't because beginners are not smart enough; it's because the internal market (inner盘) is fundamentally not designed for beginners.

Today, we'll thoroughly explain what internal and external markets are, and the common pitfalls that beginners are most likely to fall into.

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**1. What exactly is the internal market? Don't get it wrong; it's not the market**

Many people understand the internal market as "a trading platform that comes before the external market."

Wrong.

The internal market isn't really a market at all; more accurately, it's a distribution process for tokens before they officially go live for trading.

At this stage: How many tokens are to be sold? That's decided long ago. How will the price jump? It's usually set in segments. When does it end? All written into the rules.

What you see is a trading interface, but what you're actually participating in is a scripted sales process.

A common misconception among beginners is to interpret "participating in the internal market" as "buying the dip."

In reality, the entire story has already been written; when you join, the story has already started.

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**2. The "seemingly" free behaviors in the internal market**

Why do people buy heavily at the moment of opening? Why can prices jump so steadily upward? Why can chat groups always catch moments when the quota is nearly full?

None of these are coincidences.

They are all part of the internal market design. The team has long planned the rhythm of capital inflow, the price ladder, and the release of popularity. Every "hot money influx" you see might be a carefully orchestrated narrative.

The real market should be disorderly and unpredictable. But the internal market isn't—it has a prearranged plan.

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**3. The true dilemma for beginners**

When the internal market rules are set, prices are predetermined, and even popularity is controlled, beginners still think about "timing the entry," "chasing the hype," or "riding the wave for quick profits."

The result is: when the external market actually opens, internal market participants are already locked in at a relatively high price point. Those who can escape early have already done so.

Most beginner losses occur during the transition from the internal to the external market.