Wrote this at the start of 2024, but I still think it is true: "Let’s talk about altcoins, how launches are being done these days, and the consequences for the markets. There has been a trend in this cycle to launch tokens at high FDV, big airdrop, with a low float, and with huge unlocks coming from VCs later on. We’re used to hearing that every coin out there will pump given the right conditions. But is this true? Remember there are a lot more tokens with “utility” on the market today than in 2021. Every week now, 3-5 “quality” coins are added to the market. Total3 mcap goes up, and everyone seems happy. But ask yourself who is going to buy all these tokens. Unless institutions or retail are coming in masses, it will just be a forever PvP fight. Retail is already here, and they're in memecoins and SOL shitcoins. They don't buy the fancy VC tech tokens. They learned from the 2021 run. They are much smarter today." I think the main difference now in 2026 is that there haven't been that many launches recently. But the trend is still the same: tokens follow gravity (down only). Revenue seems more important than ever, and only quality projects get through the lens. Valuations for new projects have come down a lot, though. I think many projects are waiting to launch until better conditions. Anyway...to be continued.(Route 2 FI)