Altcoin crash? The total market value is still 10 times that of the early stage of the last bull market!
Four major characteristics of the current market situation:
1. The meme era is over: Meme coins, which originally relied on culture and community promotion, are now left with pure PVP (player versus player) competition, making it difficult to achieve growth.
2. Excessive L2 chains: There are currently more than 400 L2 chains on the market, and various narratives surrounding L2 have emerged. Almost every project is seeking to issue new coins, and the market is flooded with currency sales.
3. The project team’s strategy is clear: In order to go public, the project team focuses on narrative and data, while real value creation is placed in a secondary position, and leading venture investors becomes the top priority.
4. The stablecoin market has only grown slightly: the total market value of stablecoins has only increased by US$20 billion compared to the peak of Mad Bull, and market stability has not been significantly improved.
