Why is there no altcoin season in the crypto space?

1/

In 2017, issuing a coin required dozens of pages of white papers.

In 2021, issuing a coin required maintaining community consensus.

In 2025, issuing a coin only needs a name and an avatar,

or a tweet.

The barriers are being lowered infinitely.

The number of tokens is exploding 📈

Just Pump Fun has launched millions of tokens,

competing for the limited liquidity in the market.

2/

In 2017, the industry talked about ICOs disrupting the financial revolution.

In 2021, the industry talked about Web3 and the metaverse.

In 2025, the industry will talk about...?

The narrative ceiling is getting lower and lower.

3/

In fact, even looking back at just 1-2 years,

more than 99% of altcoins are worthless,

including projects supported by VCs.

And even if these coins drop 90% from their issuance price,

most project teams are still making money.

There is no sustained BUIDL and PMF,

only continuous pouring in.

Only less than 1% of projects

have PMF supported by protocol revenue.

With relaxed regulations,

if they can distribute dividends or buybacks to coin holders,

it will soar.

4/

Over time,

old investors have become savvy.

They no longer believe in the scams and narratives of project teams.

They have recognized the reality that the majority of coins are not suitable for diamond hands.

At the same time,

there will be continuous local hotspots on-chain,

from BRC-20 to Pump Fun.

Once a trend forms,

it will grow multiple divine boards in a 2-3 month cycle,

giving us opportunities to fight with small amounts.

And right now,

a comprehensive rise in altcoin season

is first occurring in the US stock market.

There are less than 100 stocks related to crypto.

And the long-awaited comprehensive rise in altcoin season

can only occur with globally low interest rates and massive liquidity.

A once-in-a-decade event.

This raises the requirements for retail investors' judgment on picking targets.