Why is there no altcoin season in the crypto world?

1/

In 2017, launching a coin required dozens of pages of white papers.

In 2021, launching a coin needed to maintain community consensus.

By 2025, launching a coin only requires a name and profile picture

or a tweet.

The barriers are decreasing infinitely.

The number of tokens is exploding 📈

Just Pump Fun has launched millions of tokens,

competing for the limited liquidity in the market.

2/

In 2017, the industry talked about ICOs disrupting financial revolutions.

In 2021, the industry talked about Web3 and the Metaverse.

In 2025, the industry will talk about...?

The narrative ceiling is getting lower.

3/

In fact, even looking back just 1-2 years,

more than 99% of altcoins are worthless,

including projects supported by VCs.

Even if these coins drop 90% from their issuance price,

most project teams are still making money.

There is no sustained BUIDL and PMF,

only continuous pouring in.

Only less than 1% of projects

have PMF supported by protocol revenue.

With relaxed regulation,

if they can provide dividends or buybacks to coin holders,

it will take off significantly.

4/

Over time,

old investors have become wise.

They no longer believe in the scams and narratives of project parties.

They have recognized that most coins are not suitable for diamond hands.

At the same time,

there will be ongoing local hotspots on-chain,

from BRC-20 to Pump Fun.

Once a trend forms,

it will grow multiple godly projects within a 2-3 month cycle,

giving us the opportunity to risk small for big gains.

And right now,

a comprehensive rise in altcoins

is first happening in the US stock market,

with fewer than 100 stocks related to Crypto.

The much-anticipated comprehensive rise in altcoins in the crypto world

can only occur with global low interest and liquidity.

It happens once in a decade.

This raises the requirements for retail investors' stock-picking vision.