The big pancake $BTC indeed has stronger speculative properties, but it's not accurate to say it has no value support: at least it still has value storage consensus and network effects.

The problem with the second pancake $ETH is that the ecosystem is too complex, ordinary people simply cannot understand what those DeFi protocols are actually doing; most of the time it really is just a game of handing over the baton. But to say that none of it can be bought is too pessimistic.

The key is that this market is really not suitable for ordinary people to play with altcoins. The logic of altcoins has completely changed, from previous technological innovation to purely narrative speculation. Without insider information and professional judgment ability, it’s basically just giving away money.

If you really want to participate, just honestly buy the big pancake; at least its volatility logic is relatively more transparent. As for the others, unless you have absolute information advantages, it's better to stay away. The market is not lacking in naive investors; what it lacks is clear-headed people.