Why are many coins half-dead in this bull market?

Although the 2024-2025 crypto bull market has seen Bitcoin and some altcoins frequently hitting new highs, the overall market presents a strange state of "polarization": on one side, Solana meme coins are being hyped wildly, while on the other side, a large number of project coins are stagnant, unable to even catch the heat of the bull market. What exactly has happened?

1. Concentration of funds, long-tail coins abandoned

This bull market is not “spreading the wealth evenly.” Large funds prefer to speculate on platform coins or meme coins with strong narratives and consensus, quickly harvesting attention and liquidity. Meanwhile, early projects and once-glorious mainstream coins like ETH, NEO, ZIL, etc., lack new market topics and can only struggle at the bottom, with liquidity completely drained.

2. Changes in speculation logic, old projects disconnected

The current market emphasizes a closed loop of “traffic - topics - short speculation - offloading.” New projects on Ton, Solana, and Base chains possess social dissemination genes, particularly the meme ecosystem deeply integrated with Telegram and X, rapidly capturing narratives. Many old coins are still stuck in the old mindset of “technology is king” and “community development,” resulting in the projects losing their presence.

3. Changes in investor structure

The investors entering this round are more inclined to participate in community speculation, airdrop tasks, and speculative arbitrage. Patience for long-term fundamental construction has been lost. They do not care about “which module a certain project launched last year,” but are more concerned with “whether this coin has increased tenfold today.” Naturally, those projects that are heavy on technology and have a slow pace are marginalized.

4. Funds are “intensively allocated,” not blooming everywhere

Although liquidity has returned, it is not blooming everywhere like in 2021. The current capital operations are highly concentrated, only willing to invest in products that can create explosive dissemination in a short time. Coins with weak teams and no content production capability are like actors on stage who have lost their voice, completely forgotten.

5. Lack of “liquidation,” corpses remain unburied

Many half-dead coins have not been completely eliminated by the market, but because they have not undergone real liquidation and rebooting. Their foundations still control a large number of tokens, teams are inactive, and communities are silent. These coins are not “still alive,” but rather “cannot die,” like zombies on the blockchain, occupying resources with no potential for growth.