Today, the biggest topic of discussion among peers is whether the Alpha wave has come to an end. In fact, the current situation is quite awkward.

From the perspective of expanding traffic and capturing market share, it has been successful.

But the cost is that countless project teams have to pay 3% or more in airdrops and buy BNB or USDT, locking it in Pancake to contribute liquidity.

Aside from a few specific projects, it feels like most project teams are losing money trying to support the token price K-line, but they can't avoid Alpha; after all, the traffic and market depth of other second and third-tier projects can't keep up with Alpha.

And Alpha is the only project that has a path to Binance among the token issuance projects, so this path cannot be avoided.

Recently, many new projects have been launched, but the project rewards and market capitalization are decreasing, mainly because there are more and more Alpha targets, while users and market buying power are insufficient.

Ultimately, rather than saying it is the end and decline of Alpha, it is more accurate to say that the altcoin projects are becoming increasingly bleak.

Although I've recently heard that Alpha is launching new products and new investment models, the general consensus is that the altcoin market lacks new second-tier funds. Recently, there has been a phenomenon where people prefer to invest in new projects and participate in public offerings rather than consider second-tier tokens for acquisition.

In the end, it is still a reflection of the altcoin bear market.