To be honest, many people complain that there is no copycat season in this round, but I don't think it's the pot of the market itself - it's the project parties and exchanges that engage in sky-high valuations at every turn to muddy the situation. The cryptocurrency track itself is still healthy, at least the golden period for the next ten years will be stable.

What retail investors are most afraid of is blindly choosing coins with hot spots, and most of those narrative stories that sound particularly beautiful are packaged. I have summarized myself that there are actually two lines of reliable judgment:

Let's talk about the technical threshold first. The development complexity of public chains is basically the same as that of database systems, and for ETH, the difficulty is about between Oracle and PostgreSQL. Oracle has a market value of 500 billion and ETH is more than 200 billion, and this valuation logic actually makes sense. So if you really want to choose a chain, choose the kind of technical barriers that are high enough and the narrative can continue, NEAR is an example.

The other is the influence route. Like DOGE and TRUMP, they play with brand effects. Looking back ten years, information will only explode more and attention will be more scarce, especially in the AI era, the attention economy will play wilder.

To put it bluntly, altcoins either choose public chains whose technical strength can be benchmarked against ETH and have a big enough future story; or choose brand assets that are strong enough to become cultural symbols. In addition to these two categories, retail investors really don't touch it easily.