#数字货币市场洞察 Why hasn’t this cycle produced a proper altcoin season? It’s not that the industry is lacking, it’s that valuation bubbles have thrown off the rhythm. Conservatively, the crypto sector still has at least ten years to run.

What do retail investors fear most? Chasing hot trends only to end up as bag holders. Stay away from those projects with flashy whitepapers but nothing actually delivered. If you really want to pick projects, just focus on two dimensions: technical barriers and brand momentum. As for revenue numbers or user growth, the cost of faking those is too low, so their reference value is limited.

How to look at the technical side? Take Ethereum as an example—its complexity is on par with enterprise-level distributed databases, which supports its valuation. Following this logic, projects like NEAR with strong technical foundations and room for iteration are worth a closer look.

Another path is to buy attention. Whether it’s Dogecoin or Trumpcoin, at the core, it’s about trading on the value of “being remembered.” In an age of information overload, meme coins that can occupy mindshare actually have a moat.

Simply put, either bet on projects with a high technical ceiling or those with strong cultural penetration. For the rest of those mediocre altcoins, regular people really don’t need to gamble on them.