A well-known crypto company was acquired after completing a $2 billion valuation funding round, and this news came out, which is quite interesting. Looking back, how many teams in the crypto space were shouting about doing similar tracks and chasing this hot trend? So, what’s the result? Now, among the projects that are truly alive, having an FDV of only twenty million dollars is already good, shrinking to just 1% of their peak value. What does this behind-the-scenes tell us—there is indeed a bubble, but more often it’s just a series of follow-the-trend waves. In the end, only a few projects with actual utility and operational capability survive. The crypto world is like this; a hot project this year might be silent next year, with valuations crashing from sky-high to dust. This phenomenon is very typical and also worth reflection for entrepreneurs still chasing hot trends.