If you are still hopeful about altcoins, you might lose some illusions after seeing this set of data.

According to the Dune panel data created by @cgrogan, the number of types of crypto tokens has risen from over 3.4 million in 2022 to over 39 million in 2025.

If you are still hopeful about altcoins, you might lose some illusions after seeing this set of data.

According to the Dune panel data created by @cgrogan, the number of types of crypto tokens has risen to over 3.4 million in 2022.

In 2024 and 2023, the crypto market created over 10.09 million and more than 18.7 million tokens, respectively.

In stark contrast to the explosive growth of altcoins in this bull market is the decline in the number of cryptocurrency developers. Electric Capital's "Cryptocurrency Developer Report" shows that the total number of crypto developers decreased by 7% and 24% in 2024 and 2023, respectively.

The crypto market has long been an enormous "token issuance" factory, where, apart from the innovative token issuance models and casino-like environments, there is hardly any new paradigm innovation to be seen.

The flip side of fairness and overnight wealth is the extremely low cost of wrongdoing and the large number of ordinary users who have been defrauded. In the long-term PvP, all major participants, including users, have been educated to become smart short-termists.

Yesterday, the cryptocurrency fear and greed index dropped to 10, the lowest level since June 2022. @ZKSgu refuted the externalities of Crypto, stating, "People inside the market can't be retained anymore."

Exchanges and VCs, as the most criticized participants in this bull market, are looking for exit opportunities or are being forced to exit.

The well-established crypto derivatives exchange BitMEX is seeking to sell, and according to insiders, the largest crypto options exchange Deribit has completed its sale, with the acquisition amount potentially reaching $5 billion.

Not only exchanges, but the entire crypto sector is also experiencing a wave of mergers and acquisitions. According to RootData, there have been over 20 M&A events in the crypto sector in the first two months of 2025, averaging more than 10 crypto mergers per month.

Many VCs are facing elimination. YettaS expressed at Consensus HK that the VC landscape is filled with despair: some VCs cannot raise the next round of funds, some have lost half their team, some have shifted to strategic investments and no longer invest independently, and some VCs are even considering issuing memes to raise funds.

Investor @26x14eth has begun to urge young people not to waste their most precious time chasing profits in the crypto space, but to seek internships in promising AI and robotics industries. Because this is no longer the period from 2017 to 2021 where everyone could make money; the most valuable asset now is time.

But some are waiting for a turnaround. Crypto KOL @cmdefi is not so pessimistic. He feels that the current market is like 2018-2019, when everyone thought the market had no hope after the ICO bubble burst, and it was all scams.

"But then came the DeFi Summer of 2020, speculative funds decreased, and the market focused more on application innovation. Stay in the game."

This bull market is indeed hellishly difficult.

There is hardly any surprising crypto development to be seen. From Trump leading the celebrity coin "harvest" wave, to the Pi coin hype, and recently Safe being hacked, people are waking up to the absurdity and fragility of the crypto system.

The current state of the crypto ecosystem depicted by overseas KOL @sherlock has resonated with the market; apart from the flimsy crypto development, conspiracy groups are everywhere.

In this bull market, making money has become harder.

Players who have experienced the last bull market may be particularly pained. Binance, once a wealth creation myth, has become a dumping ground for project teams' low-quality tokens, with the so-called alpha being the peak. Presto Research found that all tokens listed on Binance in the first month of 2025 have dropped over 70%.

If you are holding beta diamond hands among the top 20 by market cap, you are no longer rewarded. From July 2024 to now, the decline of tokens in the top 20 by market cap has generally exceeded 60%. Meanwhile, those who are looking to profit at the apex lament that no matter how they upgrade, they still cannot escape being "reaped."

The seemingly fair on-chain PvP is a mess.

As of February 26, the number of tokens issued on the Pump.fun platform has exceeded 8.1 million, with nearly 32 meme coins having a market cap of over $100 million, and only 154 having a market cap of over $10 million. After experiencing scandals like Libra and other celebrity coins, on-