The season of counterfeit may return, but the main characters may no longer be the existing 'old counterfeits'.
Once the model of integration between cryptocurrencies and stocks truly takes off, private companies and primary market projects will directly bypass traditional listing processes, issuing tokens on-chain, with equal rights for coins and stocks, directly entering the crypto market.
For example, in the current AI track, there are a large number of high-quality, even dark horse-level AI companies outside the circle. They do not need to go through the complicated IPO process; issuing a token on-chain can complete financing and circulation.
For existing altcoins, this is a complete dimensionality reduction attack—not a war between chains, but a crushing of dimensions.
In the future, the opponents of altcoin projects will no longer be 'some new chain' or 'some new meme', but entrepreneurial companies from all over the world.
Those who can drive up prices are not the familiar insiders, but those dark horse companies outside that you have never heard of, but actually have real value.
The future of counterfeits is not about 'changing the narrative',
but about 'changing the whole batch of players'.
Insiders talk about narrative, while outsiders compete with strength.
Just think, once these companies go on-chain, with small valuation fluctuations, active trading, and liquidity—
existing altcoins? They may not even have the qualifications.