#数字资产动态追踪 The "de-bubbling" phase of altcoins has quietly arrived

Recently, I’ve looked at a lot of on-chain data, and a phenomenon has become increasingly obvious—the trading volume of small, obscure tokens is accelerating its decline.

What does this look like? They ignore rebounds entirely, but when prices fall, they do so in astonishingly uniform patterns. Project teams are extending their update cycles, and community discussion heatmaps are dropping straight down. At first, I thought this was just the decline of a few projects, but digging deeper, I realized—this is not an isolated event; it’s a market-wide structural adjustment.

**What is the market cleansing?**

In summary, this cycle’s core focus is on three things:

First, removing projects that rely solely on PPT presentations to survive. Second, eliminating public chains without a real user base. Third, wiping out tokens that depend purely on market makers to dump.

Compare the past and present approaches—once, projects could raise funds just by packaging a story; tokens could be pumped simply through wash trading and market making; retail investors would go all-in on faith alone. But now, this script has completely failed. The market’s aesthetic has changed—people now only look at three things: whether there is real cash flow, whether demand objectively exists, and whether the user base is genuine.

**Are there still plays for altcoins?**

Yes, but the rules of the game have changed. It’s not that altcoins have no chance, but the era of "buy anything blindly and it will rise" has permanently ended. The rebounds you see now, if not supported by fundamentals, are essentially just the main players giving retail traders a window to escape—don’t expect to fully profit from them.

A piece of advice for ordinary participants: instead of wasting energy trying to find the next dark horse, focus on "avoiding pitfalls." Risk mitigation is always more valuable than chasing quick gains.

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