由於不信任和無限供應抑制市場，山寨幣飆升陷入停滯

儘管比特幣今年佔據主導地位，但山寨幣季節（山寨幣表現優異的時期）仍然難以捉摸。 Route 2 FI認為，這可能源於早期投資者「拉高拋售」計畫盛行，對新代幣缺乏信任，導致山寨幣投資下降，並凸顯了代幣數量無限的稀缺問題可以被創造，有可能超過需求。

Altcoin Season Eludes Market Amid Distrust and Lack of Scarcity

由於不信任和缺乏稀缺性，山寨幣季節避開了市場

Despite Bitcoin's dominance throughout the year, the highly anticipated "altseason," where smaller cryptocurrencies experience significant gains, remains elusive. According to prominent analyst Route 2 FI, there may be a compelling reason behind this lagging performance.

儘管比特幣全年佔據主導地位，但備受期待的「山寨幣季節」（較小的加密貨幣經歷顯著收益）仍然難以捉摸。根據著名分析師 Route 2 FI 的說法，這種落後的表現背後可能有一個令人信服的原因。

Distrust Dampens Altcoin Investments

不信任抑制山寨幣投資

Route 2 FI asserts that a decline in altcoin investments stems from a waning trust in new tokens. He alleges that wealthy investors often gain early access to these tokens before their public launch on exchanges. Consequently, upon listing, these investors promptly sell their holdings, causing the value of the tokens to plummet.

Route 2 FI 聲稱，山寨幣投資的下降源於對新代幣信任度的減弱。他聲稱，富有的投資者通常會在這些代幣在交易所公開發行之前提前獲得這些代幣。因此，在上市後，這些投資者立即出售其持有的資產，導致代幣價值暴跌。

This pattern has led to a growing skepticism among investors, who have become increasingly selective in their altcoin choices. The analyst raises the question of whether Bitcoin maximalists, who believe in the supremacy of the original cryptocurrency, may have merit in their skepticism.

這種模式導致投資者越來越懷疑，他們在選擇山寨幣時變得越來越挑剔。這位分析師提出了這樣的問題：相信原始加密貨幣至高無上的比特幣極端主義者的懷疑是否有道理。

Scarcity Dilutes Altcoin Value

稀缺性稀釋了山寨幣的價值

Unlike Bitcoin, which has a finite supply of 21 million coins, altcoins can be created indefinitely. This abundance undermines their scarcity and limits their potential for sustained value appreciation. Many altcoin projects lack tangible value propositions, further diminishing their appeal.

與比特幣的供應量有限（2,100 萬枚）不同，山寨幣可以無限期地創造。這種豐富性削弱了它們的稀缺性並限制了它們持續升值的潛力。許多山寨幣項目缺乏實際的價值主張，進一步削弱了它們的吸引力。

Even Ethereum, the second-largest cryptocurrency, has yet to find its "killer app," an application that can justify its high valuation. As Route 2 FI succinctly states, "At a certain point, supply will far exceed demand" for new altcoins.

即使是第二大加密貨幣以太坊，也尚未找到其“殺手級應用程式”，即可以證明其高估值合理的應用程式。正如 Route 2 FI 簡潔指出的那樣，「在某個時刻，新山寨幣的供應將遠遠超過需求」。

Fewer Success Stories

成功案例較少

Investors are also recognizing the rarity of successful altcoin projects. The vast majority of tokens fail to gain significant traction or longevity. This realization has contributed to the decline in altcoin investments and fueled the cautious approach of many market participants.

投資者也認識到成功的山寨幣項目的稀有性。絕大多數代幣未能獲得顯著的吸引力或壽命。這種認識導致了山寨幣投資的下降，並促使許多市場參與者採取謹慎態度。

Conclusion

結論

The absence of the anticipated altseason is a consequence of various factors, including distrust in new tokens stemming from early investor dumping and a lack of scarcity due to the unlimited creation of altcoins. As a result, investors are becoming more discerning in their altcoin choices, recognizing the need for tangible value propositions and scarcity in order to support sustained growth.

預期山寨幣季節的缺席是多種因素造成的，包括早期投資者傾銷導致的對新代幣的不信任，以及由於山寨幣的無限創造而缺乏稀缺性。因此，投資者在選擇山寨幣時變得更加挑剔，認識到需要有形的價值主張和稀缺性才能支持持續成長。