Cryptocurrency analyst Ash (@ahboyash) highlights a concerning trend: of the 56 cryptocurrencies listed this year backed by venture capital (VC), only three have surpassed a Fully Diluted Valuation (FDV) of $1 billion. These projects are KAITO, Story Protocol (IP), and Walrus (WAL). This raises questions about the current state of the crypto market and the effectiveness of VC investment. Ash notes that VCs typically invest significant amounts ($20 million to $100 million) in seed rounds, with tokens locked for around three years post-Token Generation Event (TGE). However, the current market conditions have led to some token prices falling below their seed round valuation. This results in potential losses for VCs, suggesting a need for a more cautious and selective approach to crypto investments. This trend could impact future funding for emerging crypto projects. ```