Is this the last bull market for cryptocurrency?

I don't think so. I've always believed that the crypto market will always have bull markets.

However, the future bull markets will likely be different in their manifestations.

It won't be like before—where altcoins would soar every day, suddenly skyrocketing, with meme coins and various conceptual currencies being wildly traded.

Future bull markets are more likely to resemble traditional stock markets.

The market will gradually return to a value system, focusing on whether it can create value, rather than pure air or pure stories.

Funds and attention will gradually shift to: projects that can truly solve problems, products that can truly be implemented, and sectors that can genuinely connect with Web2.

Of course, in the future, there will still occasionally be a few 'golden dogs,' and new altcoins might suddenly be speculated on.

But honestly, expectations for these types of projects are already very low; the value and sustainability they can bring are quite limited.

This round of meme trends has been very clear: no matter how much FOMO there is in the market, or how concepts rotate, it just can't produce the next PEPE.

The reason is simple—over the past few years, the crypto market has given users enough time to get burnt and to grow.

Everyone's understanding and experience have improved,

and the old methods of relying on storytelling, high control of the market, and emotional manipulation are becoming less effective.

People may stumble in the same place, but they can't keep falling in the same spot repeatedly. The market has provided answers through results.

The true future of cryptocurrency lies in filling holes, building roads, and laying foundations.

Projects that still want to use the old tricks of 'digging holes to bury leeks' won't go far.

Only those that have clear implementation paths, real technological breakthroughs, useful products, smooth experiences, and teams that are sincerely committed will survive.

If this round of altcoins can still have a bull market, that would certainly be best; but if altcoins gradually lose their bull market, it might actually be a healthier and more sustainable good thing for the entire crypto industry.