In the trading of altcoins, the reference value of VC cost for pricing is gradually weakening. This indicator was once based on the market's confidence in VC's 'unwillingness to incur losses,' meaning that once the price fell below the VC cost line, the project party would push for a price increase. However, as the market's 'mystique' surrounding VC gradually dissolves, and project parties are unable to directly push prices due to compliance restrictions, the VC cost as a basis for pricing has lost its effectiveness during the altcoin crash in mid-year.

At this stage, the arbitrage space for new coins has become increasingly narrow. Here are some related situations:

1. **Cati**: Most of the latest round of investors are currently floating at a profit of double, but there are still 11 months until unlocking.

2. **Scr**: Most investors still hold a floating profit of 4-5 times, with some investors realizing profits in OTC trades between 800M to 1.5B.

3. **Eigen**: Most investors have a floating profit of 9-10 times, with some investors selling in the OTC market in the range of 3-6B.

In summary, the influence of VC cost on the pricing of altcoins is gradually weakening, and the difficulty of arbitrage for new coins is increasing.