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The crypto world is so bad right now because there are too many coins issued by scam projects. Once they are issued and listed on the exchange, they just want to dump them on retail investors.
These scam projects are not thinking about how to develop products in the long term; they only want to raise money.
It's completely different from the bull market in 2021, when it was all about DeFi applications and blockchain games, with the entire market collectively lifting a shib.
Even now, for example, certain DEXs and lending platforms, these DeFi project teams are still continuing to develop and optimize their products.