由于不信任和无限供应抑制市场，山寨币飙升陷入停滞

尽管比特币今年占据主导地位，但山寨币季节（山寨币表现优异的时期）仍然难以捉摸。 Route 2 FI认为，这可能源于早期投资者“拉高抛售”计划盛行，对新代币缺乏信任，导致山寨币投资下降，并凸显了代币数量无限的稀缺问题可以被创造，有可能超过需求。

Altcoin Season Eludes Market Amid Distrust and Lack of Scarcity

由于不信任和缺乏稀缺性，山寨币季节避开了市场

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.

尽管比特币全年占据主导地位，但备受期待的“山寨币季节”（较小的加密货币经历显着收益）仍然难以捉摸。根据著名分析师 Route 2 FI 的说法，这种落后的表现背后可能有一个令人信服的原因。

Distrust Dampens Altcoin Investments

不信任抑制山寨币投资

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 声称，山寨币投资的下降源于对新代币信任度的减弱。他声称，富有的投资者通常会在这些代币在交易所公开发行之前提前获得这些代币。因此，在上市后，这些投资者立即出售其持有的资产，导致代币价值暴跌。

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.

这种模式导致投资者越来越怀疑，他们在选择山寨币时变得越来越挑剔。这位分析师提出了这样的问题：相信原始加密货币至高无上的比特币极端主义者的怀疑是否有道理。

Scarcity Dilutes Altcoin Value

稀缺性稀释了山寨币的价值

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.

与比特币的供应量有限（2100 万枚）不同，山寨币可以无限期地创造。这种丰富性削弱了它们的稀缺性并限制了它们持续升值的潜力。许多山寨币项目缺乏切实的价值主张，进一步削弱了它们的吸引力。

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.

即使是第二大加密货币以太坊，也尚未找到其“杀手级应用程序”，即可以证明其高估值合理的应用程序。正如 Route 2 FI 简洁指出的那样，“在某个时刻，新山寨币的供应将远远超过需求”。

Fewer Success Stories

成功案例较少

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.

投资者也认识到成功的山寨币项目的稀有性。绝大多数代币未能获得显着的吸引力或寿命。这种认识导致了山寨币投资的下降，并促使许多市场参与者采取谨慎态度。

Conclusion

结论

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.

预期山寨币季节的缺席是多种因素造成的，包括早期投资者倾销导致的对新代币的不信任，以及由于山寨币的无限创造而缺乏稀缺性。因此，投资者在选择山寨币时变得更加挑剔，认识到需要有形的价值主张和稀缺性才能支持持续增长。