With the significant drop of $KOGE and $ZKJ, does this mean Binance Alpha is completely done?

I have a three-wave theory about pseudo-innovation, applicable only to pseudo-innovation; true innovation has users and generates revenue that can support asset prices by itself:

First wave: When the gameplay just emerged, those with IQ 50 and IQ 100 clearly didn't understand, while those with IQ 150 had only a partial understanding. As a result, everyone rushed in, and the window period for entry was long, with a high profit effect for early participants. This is similar to the first wave of NFTs, like BAYC; and also like the first wave of AI, such as GOAT, AI16Z, etc.

Second wave: The gameplay has already been played once. Those with IQ 50 didn't understand, some with IQ 100 still didn't get it, but those with IQ 150 completely understood it. Therefore, those with IQ 150 will take large positions, leaving little room for others, reducing the profit effect and shortening the entry window period. For example, in mid-2021, the second wave of DeFi summer or the re-staking wave.

Third wave: Except for those with IQ 50, almost everyone else understands it. The market has become PVP (player versus player), with IQ 50 participants primarily acting as fuel, entering and exiting quickly. The profit effect is poor, like the memes of the past three months.

Binance Alpha should belong to the fifth wave; in the words of Teacher 911, it's something even dogs don't want to play with.

But Binance is still playing...