In this cycle, the happiest should be the small teams with low valuations and cash on hand. If they only launch Alpha, their market value will basically cap at around 150 to 200 million.

And if they have a very small chance of launching on Binance, around 1 billion is a reasonable expectation. Based on the performance of several recent new coins, they generally can't withstand the sell-off there.

This has also caused the valuations and pre-sale for new projects in this cycle to generally drop to several tens of millions of dollars, which is quite good.