The characteristics of this round of the cryptocurrency circle can be summarized as follows:

1. The pattern of exchanges has changed: In the past, projects were listed on exchanges gradually, usually first on small exchanges and then on Binance. However, now if a project cannot be listed on Binance for the first time, it basically has no chance.

2. Lack of well-known star projects: There will be a highly anticipated project in each cycle, and the whole market is supporting it. There was $FIL in the last round, but there is no such project in this round, and even a project with such characteristics cannot be thought of.

3. The contrast between VC and retail investors: In this round, many VCs were cut off, and the pursuit of so-called "equality" through the mouth of retail investors eventually turned into the issuance of meme coins by the coin issuing group, and then listed on Binance. The fairness pursued by retail investors has become the sickle of the last liquidity in the market.

4. The market is fragile: As long as Binance launches a new project, the entire market will fall for a period of time. What does this show? The market's tolerance is really too weak.

5. Bad money drives out good money: It is rare to see a builder with real faith. Even if there is one, they will be ridiculed as naive.

6. For traffic, they will do anything: This industry can be selected as the "best screenwriter". For traffic, they will really do anything.

7. The rise of the North American elite team: Especially the North American team led by Chinese, this may be the future of the currency circle!