There are only a few days left in 2025. Looking back at this year, it can actually be summed up in one sentence: a market specifically designed to harvest old chives. The old players who used to leverage shanzhai (copycat coins) as high-leverage spot trading have mostly been systematically washed out this round. I have privately spoken to many people who have been in the game for ten years or even longer, and their conditions are similar—accounts have been ground down to just a little bit, and their mindset has been completely shattered.

Whether you are playing LTC, DOGE, or various DeFi tokens, the results are the same: chasing leads to being trapped, copying leads to a decline, and new coins are even worse, peaking immediately upon launch. It is no longer a question of whether your skills are good enough; the market simply does not provide a path for you to make money.

As for the current shanzhai coins, it is no longer a question of whether they can still be proven valuable, but rather that people's hearts have already scattered. Even if there is another so-called bull market one day, your first reaction will not be to buy shanzhai but to walk around it. Because the past few years have already etched the memory in—it's just a meat grinder.

For me personally, I basically won’t randomly buy shanzhai anymore. In the entire market, there are only about ten coins that can be speculated and gambled on. The rest, no matter how they are pumped or how new narratives are presented, have already become ineffective for me. You can pump yours; I will not participate; those who want to be trapped can be trapped.

The more realistic issue is: there may not be that many new chives anymore. Without a continuous influx of new blood, this shanzhai cycle itself is very difficult to keep turning. This round may indeed be the beginning of an era.