🟦The digital asset industry is undergoing a structural shift, as the old bull-market playbook no longer delivers results. According to analyst Dep, a series of failed token generation events (TGEs) has revealed clear investor fatigue with inflated valuations and an endless stream of new tokens. Most recent launches have lost more than half of their value shortly after listing, pointing to a systemic issue and a shortage of fresh liquidity.
🟦Against this backdrop, only a small number of projects with real demand, clear use cases, and reasonable valuations are managing to hold ground. Excessive pricing is being corrected aggressively, and many altcoins are unlikely to ever reclaim their initial listing levels. The market increasingly resembles a closed PvP system, where capital is redistributed among participants rather than driven by external inflows — meaning that even a renewed upswing may not provide broad-based relief.