-BTC has been continuously rising under the pull of funds like ETF and MSTR, without looking back; the meme coin craze has temporarily calmed down.
Although altcoins did not experience the widespread rally seen in March, and most tokens have not reached the March highs, some projects have performed very well, continuously reaching new stage highs. Let's discuss what attributes they have. For example:

#ONDO, which reached an all-time high even before launching on Binance, with an FDV of $20 billion. This is the leader in RWA (real-world asset tokenization) and has participation from BlackRock, allowing users to purchase U.S. Treasury bonds using stablecoins to enjoy their yields;
#ENS, this is the Ethereum Name Service, and it's one of the non-financial applications frequently mentioned by Vitalik, allowing users to directly use domain names instead of long account names;
#AAVE, this is the largest lending protocol in the entire network, with a TVL of approximately $23 billion, setting an all-time high. When the market improves, a large amount of capital is borrowed and leveraged through it;
#SUI, this is an L1 public chain incubated by Wall Street capital using the Move language. Originally, APT was the leader, but this cycle saw Grayscale launch its trust product, and the project team closely followed the meme narrative to build a meme ecosystem, gaining favor and hype from capital and the market, becoming a top player;
#RAY, this is a meme coin launchpad on SOL, where most meme coin trading occurs, so its protocol fees rank among the top on SOL;
#ZRO, this is a cross-chain protocol, with a generally weak ecosystem. After the airdrop, various data plummeted, but whenever the market crashes, the project team steps in to support, and when the market improves, they pump the price, showing a strong performance;
#UNI, on Ethereum, it is also the largest DEX platform in the entire network. Previously, due to the overall weakness of the altcoin sector, its performance was also average, but recently, after launching its own L2, it has started to perform strongly;
And so on...

Each market cycle has some projects that perform very well, but upon closer inspection, at least one of the following attributes can be found. If a project possesses all three attributes, it will see astonishing growth:
1. Has strong capital strength, willing to pump prices when the market is good;
2. Lacks strong capital but is willing to hype concepts, ride trends, and cooperate with the market for price pumping;
3. The technology is indeed impressive, producing high-quality products and ecosystems.

-If none of the three exist and the project maintains a lofty demeanor, such projects should be avoided. The secondary market is inherently filled with speculation, chaos, and a ruthless 'big fish eats small fish' environment. Only by producing products and ecosystems can one have the qualification to be lofty. Not willing to hype or pump prices is certainly fine; wanting to be lofty is also okay, but if you have raised funds, issued coins, and participated in the secondary market without producing high-quality products and ecosystems but still claim to be lofty, then there is a problem.

In the secondary market, investors are here to make money, not to pay for the project's loftiness and sentiment. Either you have capital strength or IP strength; or you have concepts and trends that can cooperate with the market; or your technology is indeed impressive, producing products and ecosystems. There must be at least one, right?