A couple of days ago, a buddy asked me how to play with new coins lately. I thought about it carefully and realized I haven’t been following the price trends of new spot coins for a while. Back in '23 and '24, no matter what new coin it was, shorting right after launch was the way to go—you could make a killing. But from late '24 to early '25, most new coins couldn’t be shorted anymore. I remember getting wrecked pretty badly on a few, like $TWT and $MMT—they pumped hard right after launch. These days, most market makers are focused on alpha projects. Since alpha projects don’t launch spot and contracts together anymore, if they want to list contracts, they need to perform well at launch. So basically, retail traders are all betting on this dynamic. But over the past few days, contracts are dumping, spot is dumping—I honestly have no idea how to play this anymore. New coins used to be the most fun because you could figure out the circulation, guess the intent, and predict the trend pretty easily. Now, these market makers won’t even leave the tiniest bit of liquidity untouched.