I believe the current cryptocurrency market is at a unique turning point, with liquidity and narratives almost in a vacuum. In other words, the market has become extremely unstable, and many people are beginning to doubt the future of the industry.

Since the launch of $trump's token, the entire market has experienced a redistribution of wealth, with various Altcoins experiencing significant declines. Nevertheless, the on-chain activity remains vibrant, with new tokens emerging daily. From $trump, $vine, and $tst to today's $car, tokens with a market capitalization of over $100 million are no longer surprising. Even tech company founders and national presidents have started launching meme coins, which is no longer a novel occurrence.

The barrier to launching tokens has become extremely low, with no need to consider moral and legal factors, and the speed of capital flow in the market is also increasing. People are chasing these short-term money-making opportunities, but few stop to consider the original ideals of blockchain. The highly valued VC projects often crash immediately after launch, and retail investors have lost confidence in the so-called "long-term ism." The once-popular "Holder always win" has become a joke, and no one is willing to be a "diamond hand" anymore.

In fact, the birth of blockchain was driven by a group of idealists who hoped to change the world's financial system. However, the current situation is that many token projects are more concerned with price appreciation than the product itself. Tokens have become the chips of a casino, and the greed of project teams is evident, while speculators lack patience, leading many idealists to choose to leave.

Personally, I believe the current cryptocurrency market is like the late stage of the dot-com bubble, with a frenzy of capital inflow and countless scam projects, but we cannot forget that after the dot-com bubble burst, the truly valuable companies were ultimately recognized by the market. During this narrative vacuum, the projects that are still working hard to build will eventually be seen. For blockchain to grow, it still needs the participation of more idealists. After all, "daring to dream and boldly innovate" is the greatest advantage of this industry.

This article is not meant to criticize the PvP atmosphere or players on the chain (I believe that casinos have always been a very important application on the chain, but they should not become the only one). I just want to encourage those investors who have become discouraged by the industry atmosphere - this is the craziest time, and there is no need to doubt yourself for staying sane. When it's time to be crazy, just go with the flow, and if you can't be crazy, it's fine, because the chaos after the craziness is the time for us to identify truly valuable projects.

Finally, there is a lot that hasn't been written, such as specific opportunities and specific decisions, which are often not something a single article can encompass.

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