如果您仍然對AltCoins充滿希望，看到此數據集後，您可能會失去一些幻想。

根據@Cgrogan創建的Dune面板數據，加密代幣的類型數量已從2022年的340萬次增加到2025年的3900萬。

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

如果您仍然對AltCoins充滿希望，看到此數據集後，您可能會失去一些幻想。

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.

根據@Cgrogan創建的Dune面板數據，加密代幣的類型數量已上升到2022年超過340萬。

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

在2024年和2023年，加密貨幣市場分別創造了超過1,009萬和超過1870萬個令牌。

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.

與在牛市中，山寨幣爆炸性增長形成鮮明對比的是加密貨幣開發商數量的減少。 Electric Capital的“加密貨幣開發人員報告”表明，2024年和2023年的加密開發商總數分別下降了7％和24％。

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.

加密市場長期以來一直是一個巨大的“代幣發行”工廠，除了創新的代幣發行模型和類似賭場的環境外，幾乎沒有任何新的範式創新。

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.

公平和通宵財富的另一面是不法行為的極低成本，也是欺騙的大量普通用戶。在長期的PVP中，包括用戶在內的所有主要參與者都受過教育，成為聰明的短期主義者。

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."

昨天，加密貨幣的恐懼和貪婪指數下降到1022年6月以來的最低水平。@zksgu駁斥了加密貨幣的外部性，說：“市場中的人們不再保留。”

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

作為這個牛市中最受批評的參與者，交流和風險投資人正在尋找退出機會或被迫退出。

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.

成熟的加密衍生品交易所Bitmex正在尋求出售，據內部人士稱，最大的加密貨幣期權Exchange Deribit已完成其銷售，收購金額可能達到50億美元。

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.

不僅交換，整個加密貨幣部門還經歷了一波併購。根據Rootdata的說法，在2025年的頭兩個月中，加密貨幣部門有20多個併購活動，平均每月有10多個加密合併。

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.

許多風險投資正在淘汰。 Yettas在共識香港表明，風險投資環境充滿了絕望：有些風險投資人無法籌集下一輪資金，有些人失去了一半的團隊，有些人轉向了戰略投資，不再獨立投資，有些風險投資甚至考慮籌集資金。

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.

投資者 @26X14ETH已開始敦促年輕人不要在加密貨幣領域浪費他們最寶貴的時間追逐利潤，而是在有希望的AI和機器人行業方面尋求實習。因為這不再是從2017年到2021年，每個人都可以賺錢。現在最有價值的資產是時間。

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.

但是有些正在等待周轉。加密kol @cmdefi並不那麼悲觀。他認為當前的市場大約是2018 - 2019年，當時每個人都認為ICO泡沫破裂後沒有希望，這都是騙局。

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

“但是隨後是2020年夏季的Defi，投機資金減少了，市場更多地關注應用創新。留在遊戲中。”

This bull market is indeed hellishly difficult.

這個牛市確實很困難。

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.

幾乎沒有任何令人驚訝的加密開發。從帶領名人硬幣“收穫”浪潮到Pi Coin Hype，以及最近被黑客入侵，人們正在喚醒加密系統的荒謬和脆弱性。

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.

海外kol @sherlock描繪的加密生態系統的當前狀態引起了市場的共鳴。除了脆弱的加密發展外，陰謀團體無處不在。

In this bull market, making money has become harder.

在這個牛市，賺錢變得越來越困難。

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%.

經歷過最後一個牛市的球員可能會特別痛苦。 Binance曾經是一個財富創造神話，已成為項目團隊低質量代幣的垃圾場，所謂的Alpha是頂峰。普雷斯托研究發現，2025年第一個月列出的所有代幣都下降了70％以上。

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."

如果您將Beta Diamond Hands握在前20名中，那麼您將不再獲得獎勵。從2024年7月到現在，在前20名中，代幣的下降通常超過60％。同時，那些希望以最重要的遺憾獲利的人，無論他們如何升級，他們仍然無法逃脫被“收穫”。

The seemingly fair on-chain PvP is a mess.

看似公平的鍊鍊PVP是一團糟。

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-

截至2月26日，在泵中發行的令牌數量已超過810萬，近32個模因硬幣的市值超過1億美元，只有154個市值超過1000萬美元。在經歷了天秤座和其他名人硬幣等醜聞之後，