#美国非农就业数据未达市场预期 $ZEC, $PEPE, $XRP……Talking about these cryptocurrencies, many people attribute their downturn to one reason: "Lack of funds, no liquidity."

But that's just the surface.

The real issue, frankly—it's that the market and people's minds have changed.

Remember the days when you could pump a coin just by telling a story or using a PPT? That era is over. Participants have become smarter, and the old tricks no longer work. The difficulty now is obvious: new projects lack innovation, yet their valuations are still artificially inflated.

In the past few years, a large number of projects relied on hype and concepts to get by—no real products, no actual applications, all supported by storytelling to justify valuations. Now? No one is willing to pay for "air."

Even more painfully, during the bull market two years ago, VC firms drove project prices sky-high. As a result, some projects reached a market cap of tens of billions of dollars right after launch, and retail investors who entered at that moment were basically stepping into the bag-holder position. With such a market, how could it possibly heat up?

Funds are doing one thing—highly concentrated. Just look at the US stock market: a few top projects attract the vast majority of traffic and capital, leaving the smaller coins to fend for themselves. Project teams also see through this; a slight pullback gets hammered, so they choose to stay dormant and stop pushing.

The result? New coins frequently break their initial price, and even the so-called "faith coins" are rare to see.

In this situation, making money requires new strategies. Forget the old theory of "holding long-term and waiting for doubles." The current rhythm is: quick entry and exit, seize emotional swings, and leave when you profit. Even if you're a half-beat late, you might miss out entirely.

When genuine liquidity returns, opportunities will surely reappear, but competition will be fiercer. It's no longer about luck or information advantage; it's about understanding the market and executing quickly.

Simply put: Altcoins are no longer a game of blindly waiting for a pump. Now, it's a contest of surviving under new rules.