币界网报道：Market participants' cognition of token issuance shows generational differences. Old players before 2018, those who entered the market in 2020, and new users in the past three years have formed three different "psychological spaces". This intersubjectivity builds shared beliefs and drives the reflexive rise of market prices: early believers take risks and become the core of the community, and rising prices attract new buyers and push up prices. Whether it is the cultural attributes of Memecoin, the income model of DeFi, or the technical narrative of AI agents, they all follow the path from the belief of a few people to the acceptance of the majority. Buyers in the reflexive stage pursue "dreams" and eventually become the exit liquidity of investors in the intersubjective stage. Price discovery is essentially a process of group cognitive coordination. Understanding one's own stage helps optimize investment decisions.