yes

Brothers, the market lately feels like walking through a graveyard when you go to the altcoin area; it’s so quiet you can hear your own heartbeat. Those days where you could randomly buy a coin and expect it to soar are truly gone.

It is obvious that the crypto space is going through a major liquidation. Over the past five years, the prices of too many tokens have purely relied on FOMO sentiment, lacking technology, products, and revenue, just relying on storytelling. In simple terms, they have been severely overvalued.
Why was it possible to hype up before?
It's simple: there are no options. If you want to participate in the crypto market, apart from Bitcoin, you can only buy various altcoins. Plus, with batches of newcomers rushing in, inspired by the 'Bitcoin wealth creation myth', they are looking for cheap coins to replicate miracles. Once supply and demand become imbalanced, even air can be inflated to gold.