According to TechFlow, Haseeb, managing partner of Dragonfly, said that many founders tried to launch tokens during the bull market, but these tokens still had to go through a bear market in the end. He is skeptical about the impact of market cycles on the long-term value of tokens, believing that this implies that some tokens systematically underperform due to the market cycle at the time of issuance, which is unlikely. Regarding the question of whether the issuance of tokens in a bull market contributes to long-term value, Haseeb believes that although tokens issued in a bull market may have more funds for growth, market competition is relative. If the market falls by 50%, the native token ecosystem fund will also fall by 50%, and the market share will remain relatively unchanged. He emphasized that the timing of fundraising activities is indeed important, but he is discussing token issuance (TGE), which is more like a direct listing than a fundraising activity.
