The core reason why the altcoin season is difficult to fully return:
New players do not invest in old coins.
Each generation of investors has its own culture and preferences, making it difficult for new players to engage with old altcoins. Behind this is a logic of social networks—most people enter the cryptocurrency space through recommendations from acquaintances, and their investment directions are often influenced by these familiar connections. These new players are more focused on meme coins rather than older projects like EOS, LTC, or BCH. Furthermore, the development teams of old projects have significantly reduced their marketing efforts; stabilizing their market value is already challenging, let alone actively attracting new investors.
In simple terms, if money doesn’t come in, people can’t hear about it. Without celebrity endorsements, media coverage, and with only holders hoping to break even left in the community, there is a lack of funds, and prices naturally struggle to rise.
The project's "Dark Forest Rule"
If you are a project team facing the current low liquidity in the market, what strategy would you adopt? The answer is obvious: you cannot actively let old investors break even, as this would require using your own money to fill the liquidity gap in the market. If a general bullish trend occurs, you are more likely to take advantage of the situation to sell while pushing prices up, rather than sharing the new liquidity with retail investors.
Moreover, there is an even more important point: if old investors break even, they may completely leave the project. For the project team, this actually reduces future attention. Therefore, rather than letting retail investors break even, it is better to maintain the status quo and prolong the situation.
Lack of promotion and consensus
The reason the last bull market's altcoin season could form was due to a strong community consensus, financial support, and celebrity effects. Now, most altcoins have lost these characteristics: celebrities have no interest, funds are unwilling to enter, and project teams are no longer promoting, resulting in an overall cold atmosphere. Without fresh blood entering, it is almost impossible to recreate the prosperity of the past.
