Why is the new currency failing

Coin World Network reports:
The recent market trend has been quite awkward, with most altcoins drawing a large gate, almost falling back to the deep bear market. (Whispering, it’s a good time to get involved)
A large number of newly listed targets have abandoned the old practice of pumping, except for ondo and early tia, which are low-circulation and have no chip unlocking within a year, continuing the tradition of pumping. With tens or even hundreds of billions in FDV, as soon as they are listed, they begin distributing, leading to significant drops.
Why is this happening? What happened to the mantra “trade the new, not the old”?
1. As the industry matures, strong funds continuously explore new strategies for harvesting profits. Market making is a tough and calculating job, with a not insignificant probability of losses. By colluding directly with the wool-pullers, manipulating data, and creating a buzz to deceive, and with the endorsement of VC and major institutions, it’s most satisfying to directly price high-value tokens and sell mere air.
2. We must understand that behind stocks are specific companies often supported by profits or even buybacks. Therefore, the market value of most stocks on the M stock market is relatively stable and does not collapse suddenly in a short time.
However, the vast majority of blockchain projects are just empty castles, occasionally used by people in the B circle, or even just by wool-pullers to brush up false prosperity.
99% of crypto projects lack profitability; they are merely stories, fraudulent financial schemes.
Exchanges are essentially casinos and are one of the most visible profit models discovered so far. Currently, the blood-making ability of the coin circle projects is concentrated in the shovel-selling phase, where serving gamblers turns out to be the most profitable.
For example, crypto media, mining, mining machines, etc.
In terms of social breadth, or so-called mass application, it remains very bleak.
A bunch of idiotic projects launch with tens of billions of dollars in market value, while hardcore tech companies like Nvidia had a market value of just over ten billion for a considerable period.
Some of the big gainers from the last bull market only briefly touched high FDV when they were low-circulation and the market was most fomo. This round, a herd of beastly projects start with tens to hundreds of billions in market value.
Just tm copying and adapting open-source code, a few dozen or even a few people dare to ask for tens of billions of RMB. Not cutting would be inhuman.
Therefore, in this round of new b, with the flood not yet arrived and continuous unlocking, it is inevitable that they collapse upon listing and then collapse again.
When the leeks are all cut, even the liquidity of a bull market cannot satisfy the cash-out of each scythe project.
The most heart-wrenching part is that even if a project has revenue, the token cannot capture value; it’s still an air coin.
Euphemistically called a governance token.
A typical example is Ethereum’s second layer, including the beastly coin UNI from the last round.
“Air drops” are essentially a scamming tactic, conspiring with the wool-pullers, managing people’s expectations, indulging in fantasy, letting new leeks take over, and completing the harvest.
If you are convinced of the mantra “trade the new, not the old,” ignoring market changes and the logic of strong funds, then losing everything is inevitable.