Arthur Cheong, founder of Defiant Capital, mentioned the possibility of market manipulation by cryptocurrency projects and market makers. He said through X, "It is impossible to know whether the current price is the result of natural supply and demand, or the result of price manipulation and collusion by these people to achieve other purposes." "With centralized exchanges (CEXs) completely ignoring this situation, the trust in the altcoin market is gradually decreasing, and it is becoming a lemon's market (a situation in which low-quality products are distributed due to the difference in information held by sellers and consumers). The price of most TGEs this year plummeted by 70-90% within a few months of listing. All relevant investors have suffered huge losses. If the industry does not step in and improve this, a significant portion of the market will remain uninvestable."