If there is no MM to trade, there will never be Spring trees like this.

$BTC is the biggest CTO.

Initially created by developers and then a group of technology enthusiasts joined CTO.
After a while, the profits were too high, and this group sold off => Whales entered CTO.
=> Whales sold off => VCs entered CTO
=> VCs sold off => Countries entered CTO

Decentralization or Permissionless is just a story. The ultimate goal is still profit extraction.

If the profit potential is not visible, the market will not move.

Therefore, to know if a project or coin is still alive, we need to see if that project still has a profit extraction group.