Personally, I feel like the altcoin hype is entering its second half. A few coins that pumped quickly around May Day are now trending down, with only a few super high-control ones still holding above 1B+. Here are a few reasons why: 1. Mainstream altcoins are gradually gaining traction in the market, and with high OI (open interest), people are able to take larger positions. With more options available, no one’s really chasing the pumps on these hype coins anymore. 2. After a few big players, everyone’s expectations for market cap thresholds have risen. Unless it’s at a relatively high level, no one’s opening shorts, and arbitrage funds are getting smarter, avoiding unnecessary funding fees. It’s getting harder for the whales to find counterparties. 3. Lastly, the market makers who succeeded with the last batch of projects now have too many projects on hand. It’s hard to say if they have enough funds to cover everything.