Many new retail investors entering the market actually have no understanding of the essence of altcoins. Since they haven’t experienced 2020-2022, many new retail investors have no sense of what an altcoin season is. The most straightforward example is that retail investors entering in 2024-2025, aside from those stable investors who only buy BTC and ETH, most high-risk preference players can’t distinguish between the MEME market and the altcoin market.