IPO season doesn't mean nobody wants to buy alts.

It means people are done with predatory tokenomics and being dumped on.

Protocols use tokens as a growth driver, leaving holders to eat the cost of this with little upside.

Staking rewards are usually rewarded in native tokens, forcing users to stake or be diluted.

Meanwhile what's given are vague promises that there may be value accrual over time when growth isn't even guaranteed.

Partly because of regulation. Partly because most protocols don't generate enough earnings for it to matter.

Tokens aren't bad.

There just isn't demand for bad tokens.