Recently, some new coins (like ACT, PNUT) have dropped significantly, which reminds me of the 'golden pit' of DeFi in 2020. At that time, DeFi-related coins like UNI were also heavily criticized. But everyone knows that the first wave of the bull market eventually started from the DeFi sector. So, although some coins look like they are plummeting now, if there are enough market hotspots, large funds in the secondary market will still go to boost those potential benchmark projects, driving the market further up.

Just like when DeFi projects were dropping, many new DeFi coins were still emerging on-chain. The current situation is similar; regardless of how the new Meme coins in exchanges are falling, activity is still vibrant on-chain. The future market will select some tracks, first pulling out trends, and once the first wave of growth ends, other projects (like NFTs, Metaverse, etc.) will start to follow.