There are often people who attribute the sluggishness of altcoins to "lack of money, no liquidity," but this is just a superficial reason.

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The real key is that the market ecology and participants' mindset have changed —

The era when you could hype up coin prices with just a story is long gone; today's players are more rational and cautious, and the old routines are completely ineffective.

Currently, altcoins are struggling due to two core issues: first, there is no innovation, and second, the valuations are absurd.

In the past few years, most small coin projects have been "hyped concepts," with neither actual products landing nor real application scenarios, relying solely on fabricating stories to maintain appearances, but now no one is willing to pay for hollow narratives anymore.

On the other hand, during bull markets, VCs have crazily inflated prices, with many projects hitting exchanges with valuations in the billions of dollars; ordinary investors entering the market become the bag holders, making it impossible for such situations to heat up.

What's more realistic is that funds are becoming increasingly concentrated, much like the head effect in the U.S. stock market, where the top 10% of quality projects absorb 90% of the funds, leaving the remaining altcoins to "gather dust" in the corners.

Project teams are not foolish either; any slight market manipulation will face a sell-off, so they might as well give up on hype and choose to "lie flat" and survive.

As a result, today's altcoins often experience price drops as soon as they launch, and even the investors' faith has vanished.

To make money in such a market, the mindset must shift; stop fantasizing about becoming rich by holding long-term; the characteristics of the market are "short, fast, and fierce" — grasp the rhythm, catch a wave of short-term bursts, and exit, taking profits when possible.

Even if one is shrewd, being half a beat slow might mean missing out entirely; waiting for the next round of liquidity easing may bring new opportunities, but competition will be fiercer, and at that time, it will not be about luck but rather about logical judgment and execution ability.

In summary: the current altcoin market is no longer the era of "closing your eyes and waiting for a pump" but rather a battleground of "fast, precise, and ruthless" strategies. Only those who can adapt to the new rules will survive.