The copycat collapsed? Their total market value is still 10 times that of the beginning of the last bull market.

Four characteristics:

1. Meme has torn off the cultural and community cover, only pvp, difficult to rise

2. There are more than 400 L2s, and there are hundreds of narratives around L2, all of which want to sell coins

3. The project party sees it clearly, the narrative and data are for listing, as for value is too difficult to create, running ahead of VC is the top priority

4. The stablecoin in the currency circle is only 20 billion US dollars more than the peak of the crazy bull market

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