People often say "bad money drives out good." One of the reasons for this situation is that liquidity is too low and there are too many coins! Comparing the altcoins around 2021 and those around 2025, a few months ago in October and November, there were frequent alpha launches—three a day—and now, at most one per day. The same applies to meme coins: too many coins, insufficient liquidity, and so many projects being launched. Naturally, bad coins will drive out good ones.

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