Is the shanzhai season really back?
$ENA 、$PUMP have been surging hard recently. Shanzhai coins are clearly starting to heat up, but I think this is more like capital testing high-beta assets—it’s not really the genuine shanzhai season yet.
Previously, the logic was: $BTC rises → ETH rises → shanzhai rotates → every coin runs together
Now it’s clearly different. Capital seems to prefer projects with real revenue, users, and catalysts. ENA has a stablecoin and yield narrative. PUMP has a trading ecosystem. And HYPE has real protocol revenue.
So what’s most worth watching this round is capital starting to pick coins. Even if a shanzhai season does come, it may be only a few strong assets that absorb most of the liquidity, rather than all coins flying together.
Next, focus on three signals:
Whether BTC can hold steady at high levels
Whether ETH can continue to outperform BTC
Whether BTC’s market share starts to decline clearly
If it’s only ENA, PUMP, and HYPE that keep sprinting, I’m more inclined to see it as a rebound in risk appetite.
A true shanzhai season requires capital to keep spreading from the top-tier assets.
My view is that the shanzhai market may already be warming up, but the era where you could blindly buy coins and have ten thousand coins fly together is probably not coming back.
Not investment advice—DYOR
$ENA 、$PUMP have been surging hard recently. Shanzhai coins are clearly starting to heat up, but I think this is more like capital testing high-beta assets—it’s not really the genuine shanzhai season yet.
Previously, the logic was: $BTC rises → ETH rises → shanzhai rotates → every coin runs together
Now it’s clearly different. Capital seems to prefer projects with real revenue, users, and catalysts. ENA has a stablecoin and yield narrative. PUMP has a trading ecosystem. And HYPE has real protocol revenue.
So what’s most worth watching this round is capital starting to pick coins. Even if a shanzhai season does come, it may be only a few strong assets that absorb most of the liquidity, rather than all coins flying together.
Next, focus on three signals:
Whether BTC can hold steady at high levels
Whether ETH can continue to outperform BTC
Whether BTC’s market share starts to decline clearly
If it’s only ENA, PUMP, and HYPE that keep sprinting, I’m more inclined to see it as a rebound in risk appetite.
A true shanzhai season requires capital to keep spreading from the top-tier assets.
My view is that the shanzhai market may already be warming up, but the era where you could blindly buy coins and have ten thousand coins fly together is probably not coming back.
Not investment advice—DYOR
