Many people think that altcoins are not improving and keep saying "lack of funding, no liquidity," but that misses the point.

The real key is: the market has changed, and investors have become more astute. Who would still be fooled by just any story? People are much more rational and cautious than before; old tricks no longer work.

On the surface, it looks like a lack of liquidity, but digging deeper, two fundamental issues are fatal:

First, there is no innovation.

In the past two years, the vast majority of small coins have had nothing new, no practical value, relying entirely on "narratives" to hold up the facade. The era of 2017 and 2021, where one could inflate a coin just by talking, is long gone! Without real value support, who is willing to invest real money?

Second, valuations are ridiculously high.

Since 2021, VCs have been crazily inflating prices, the primary market has blown the bubble to the sky, and as soon as they hit the exchanges, they come with market caps of tens of billions of dollars. Ordinary people entering the market become the bag holders; who can withstand that?

More importantly, the market is becoming increasingly mature, and funds are getting "smarter." Just like in the US stock market, the top 10% of projects grab 90% of the funds, while the remaining 90% of small coins are left to gather dust on the sidelines. Now in the crypto world, the more mainstream coins attract capital, the less attention small coins receive.

Even project teams have become smarter:

They no longer hype up prices because they know full well — as soon as they pump, someone will dump, and not only does it fail to attract "faith," but it also easily traps themselves.

The result is that many altcoins plummet as soon as they launch, without even a decent hype cycle.

So if you want to make money with altcoins now, you need to change your mindset: don't be greedy for the long term, look for short-term explosive opportunities, take the profit and run, cash out when it’s good, and don’t get attached; be precise and act quickly! If you are even slightly slow, you won’t even get the soup; the pace is just that fast now.

By the time the next easing cycle comes, the environment might be a bit better, but the competition will only get fiercer. You need to understand logic, understand narratives, and hit the rhythm accurately; random buying will definitely lead to losses. If you really want to gamble on meme coins, go play in the primary market — but it must be made clear in advance that this is essentially gambling, don’t get carried away.

In short, playing altcoins now is no longer the era of "buying with closed eyes and waiting for the price to rise." You have to adapt to the new rules, be more rational and cautious, or you will easily trip up!