An interesting phenomenon worth pondering: when the official ecosystem chooses not to step in and create momentum, can retail investors active on the chain weave narratives and generate FOMO emotions to drive a $30 million-level project into motion? From the current market situation, this script plays out repeatedly. Projects without official endorsement can indeed reach significant fundraising scales through community enthusiasm and secondary market funding. However, how far they can go and whether they can establish genuine value support is another matter altogether. This reflects the ongoing battle between narrative power and fundamentals in the market—retail-driven hype can quickly boost valuations but often struggles to sustain long-term vitality.