創投的逐利行為破壞了山寨幣的可持續性

加密貨幣分析師 Route 2 FL 強調了對山寨幣資金流入不足、無法抵消大量代幣解鎖和風險投資 (VC) 拋售壓力的擔憂。這位分析師強調，追逐利潤的創投公司透過引入增加的流動性，最終損害了代幣的長期價格走勢，從而破壞了新加密貨幣的長期永續性。

Venture Capitalists' Profit-Chasing Hampering Sustainability of Altcoins

創投的逐利行為阻礙了山寨幣的可持續性

Recent analysis from renowned crypto analyst Route 2 FL reveals a concerning trend in the altcoin market. As the influx of venture capital (VC) funds fuels the launch of numerous new tokens, the long-term viability of these projects is being compromised by the immense sell pressure exerted by these profit-chasing entities.

著名加密貨幣分析師 Route 2 FL 最近的分析揭示了山寨幣市場的一個令人擔憂的趨勢。隨著創投（VC）基金的湧入推動了許多新代幣的推出，這些追逐利潤的實體施加的巨大拋售壓力正在損害這些項目的長期生存能力。

Unbridled VC Influence Undermining Token Valuations

不受限制的創投影響力破壞代幣估值

Route 2 FL warns that VCs are introducing substantial sell pressure that adversely impacts the price action of newly launched tokens. The analyst highlights the perilous combination of permissionless token listing and the presence of profit-driven VCs, a situation that threatens the stability of these tokens.

Route 2 FL 警告稱，創投公司正在帶來巨大的拋售壓力，這會對新推出的代幣的價格走勢產生不利影響。這位分析師強調了無需許可的代幣上市和以利潤為導向的創投公司的存在的危險結合，這種情況威脅到了這些代幣的穩定性。

According to the analyst, the issuance of over 100 new tokens annually dilutes the value of existing projects. In April 2024, while altcoins experienced selective inflows, these funds were insufficient to offset the substantial token unlocks and VC sell-offs.

分析師表示，每年發行超過 100 個新代幣會稀釋現有項目的價值。 2024 年 4 月，雖然山寨幣經歷了選擇性流入，但這些資金不足以抵消大量代幣解鎖和風險投資拋售。

Fully Diluted Valuations: A Trap for Investors

完全攤薄估值：投資者的陷阱

Route 2 FL raises concerns about the fully diluted valuation (FDV) metric, which is often used to determine the potential market capitalization of a token. The analyst argues that this metric is misleading, as it presents a false picture of a token's true value.

Route 2 FL 引起了人們對完全稀釋估值（FDV）指標的擔憂，該指標通常用於確定代幣的潛在市值。分析師認為，這項指標具有誤導性，因為它對代幣的真實價值產生了錯誤的描述。

Many new tokens promise extensive airdrops to early adopters, which are often accompanied by protracted unlocking schedules for VC investors. This mechanism, argues Route 2 FL, leads to inflated valuations that are not supported by the actual market demand for the token. As a result, most new tokens experience significant price declines shortly after their launch.

許多新代幣承諾向早期採用者提供大量空投，這往往伴隨著風險投資者漫長的解鎖時間表。 Route 2 FL 認為，這種機制會導致估值過高，而代幣的實際市場需求並不支持估值。因此，大多數新代幣在推出後不久就會出現價格大幅下跌。

Money-Hungry VCs Fueling Bearish Sentiment

急需資金的創投助長看跌情緒

Route 2 FL's criticism of profit-chasing VCs coincides with a period of bearish sentiment in the altcoin market. Despite a 38% year-to-date rally in the total value of altcoins, market demand remains sluggish.

Route 2 FL 對追逐利潤的創投公司的批評恰逢山寨幣市場的看跌情緒時期。儘管今年迄今山寨幣總價值上漲了 38%，但市場需求仍低迷。

The analyst contends that the supply of tokens often outstrips demand due to massive VC unlocks. This oversupply leads to a downward spiral in token prices, eroding investor confidence. Early buyers often face heavy losses, leaving a trail of disillusioned token holders.

該分析師認為，由於大量創投的釋放，代幣的供應經常超過需求。這種供應過剩導致代幣價格螺旋式下跌，削弱了投資者的信心。早期買家常常面臨嚴重損失，留下一批幻想破滅的代幣持有者。

Impact on Ecosystem Health

對生態系健康的影響

The adverse effects of VC-driven sell pressure extend beyond price declines. The analyst observes that inflation resulting from excessive token issuance can erode the total value locked (TVL) within altcoin protocols. This decline in TVL often demoralizes team members and developers, who may abandon projects in search of greener pastures.

創投驅動的拋售壓力的不利影響不僅限於價格下跌。分析師觀察到，過度發行代幣導致的通貨膨脹可能會侵蝕山寨幣協議中鎖定的總價值（TVL）。 TVL 的下降常常使團隊成員和開發人員士氣低落，他們可能會放棄專案以尋求更好的發展機會。

Altseason Prospects Dim

山寨季前景暗淡

Route 2 FL casts doubt on the likelihood of a sustained altseason in the current market cycle. Unlike previous cycles, the analyst notes that there appears to be insufficient liquidity to fuel a broad rally across all altcoins. The analyst questions who will purchase the vast number of tokens being released if institutions and retail investors do not embrace them en masse.

Route 2 FL 讓人對當前市場週期中持續的山寨季節的可能性產生懷疑。與先前的周期不同，分析師指出，似乎沒有足夠的流動性來推動所有山寨幣的廣泛反彈。分析師質疑，如果機構和散戶投資者不集體接受正在發行的大量代幣，誰會購買這些代幣。

Conclusion

結論

The analysis by Route 2 FL serves as a stark warning about the negative impact that profit-chasing venture capitalists can have on the long-term viability of altcoin projects. The analyst urges investors to exercise caution in assessing token valuations and to be wary of excessive sell pressure from VC investors. The altcoin market is in dire need of a fundamental shift towards projects that are driven by utility and long-term sustainability, rather than short-term profit-seeking.

Route 2 FL 的分析對追逐利潤的創投家可能對山寨幣計畫的長期生存能力產生的負面影響發出了嚴厲的警告。該分析師敦促投資者在評估代幣估值時保持謹慎，並警惕創投投資者的過度拋售壓力。山寨幣市場迫切需要從根本上轉向由效用和長期永續性驅動的項目，而不是追求短期利潤。