Barjjhg

The so-called 'Alpha' has long devolved from information advantage to script advantage, and the actual participants in the entire market may be less than 30,000. There are many on-chain spectators, but few who actually spend money. Most projects cannot sustain their popularity for more than a weekend, and the remaining ones are studios mechanically maintaining activity just for the next round of airdrop snapshots.
Liquidity is only concentrated in a very small number of 'designated' cryptocurrencies. In other words, the entire ecosystem is elevating the prices of these few coins, while other projects are merely accompanying materials. On the surface, it appears to be consensus, but in reality, it is a pile-up of risks.