I think the market capitalization of various altcoins is still too high. A market cap of 10 million RMB for an altcoin is a reasonable valuation in my opinion. If altcoins frequently have market capitalizations in the hundreds of millions or even billions, what else can you do in the secondary market besides catching a falling knife? Pumping? With such a high market cap, isn't it tempting for the market maker to just dump directly? You want to ride the wave, but the market maker just wants you to catch his coins. Sure, there are instances of pumping, but 95% of the time it falls, and only a small 5% will rise. It's unrealistic to expect a tenfold, twentyfold, or even hundredfold increase in the secondary market like before; the market cap is too high now. Even projects that haven't launched at a higher level still come in billions (I'm talking about RMB here). Just imagine you're a market maker; since I hold more than 50% of the coins, if the market cap is 10 billion, I already have 5 billion. Why wouldn't I dump and then buy back at a lower price? As long as the market cap is above a few billion, they're all catch-a-falling-knife coins. Don't think that just holding them will earn you multiples of your investment. It's unrealistic.