This is why we didn't see a true altcoin season during the 2025 bull market cycle, 2013-2014 - 500 tokens, 2017-2018 - 3,000+ tokens, 2021 - 300,000+ tokens, 2025-2026 - 48 million tokens, The market is heavily diluted, Every time liquidity just starts to flow, a batch of junk coins gets listed, Retail investors buy into the hype, lose -90%, and then exit.