The reason why this round of altcoins is difficult to get off the ground is that they have high valuations and low actual value, lacking the hype value to attract investors.

Unlike the previous market driven by retail investors, the current market is dominated by institutions, whose investment decisions are more rational and based on long-term asset value considerations. As the size of the cryptocurrency market expands, the pricing power of retail investors gradually weakens.

In contrast, some meme coins that seem to have no actual value have performed well, probably because they can attract the attention of a wide range of social media and online communities, thus generating a certain market hype effect.