#Meme币板块回暖 The altcoin market has experienced its toughest period this year. To understand why, we need to go back to decisions made a few years ago. The funding bubble of 2021-2022 fueled a wave of projects that raised large amounts of money, and now these projects are issuing tokens, leading to a fundamental problem: a massive supply flooding the market while demand remains scarce.

The issue is not just oversupply; even more concerning is that the mechanism causing this problem has remained largely unchanged to this day. Projects continue to issue tokens regardless of whether there is a market for their products, treating token issuance as an inevitable step rather than a strategic choice. As venture capital dries up and primary market investments shrink, many teams see token issuance as the only way to raise funds or create exit opportunities for insiders.