Do you know why there are no more altcoin seasons?

In January, the new tokens in the crypto market exceeded 600,000, which is 12 times more than in previous years, and those listed on Dex are dozens of times more than in the last bull market. Liquidity is getting worse, smart money is increasing, there are fewer people with your vision, and fresh blood is becoming scarcer. The chances of a full-scale altcoin explosion are becoming lower.