[Analyst: Crypto projects with a market cap exceeding $100 million have dropped from 477 in November 2021 to 388] Crypto analyst Route 2 FI posted that in November 2021, there were 477 projects with a market cap exceeding $100 million, but now the number has dropped to 388 (including stablecoins). The analysis is as follows: 1. November 2021 was almost the peak of the last cycle for altcoins, and in this cycle, altcoins have not experienced a truly explosive rally. 2. At that time, tokens with low circulating supply and high fully diluted valuation (FDV) were uncommon. If ranked by the number of projects with a fully diluted valuation exceeding $100 million, the current figure should be higher than in 2021. 3. Liquidity and capital are increasingly concentrated in fewer, larger projects, meaning that even if the total market cap rises, smaller altcoins struggle to achieve high valuations. 4. After several hype cycles, retail and institutional investors have become more cautious, favoring tokens and ecosystems with practical utility and proven value over speculative tokens. Additionally, the analyst mentioned that in 2021, there were 1,153 projects with a market cap exceeding $10 million, while the current number is 1,227. They originally expected this figure to be higher.