The darkest moment for altcoins, all we can do is wait or leave!

2025.11.28

Opening the exchange and looking at the spot altcoin list is truly unbearable; it is not an exaggeration to describe it as a mass grave for crypto investors in this round of bull market! As the mouse scrolls across the screen, the candlestick charts are faint like an electrocardiogram, and behind each line of code are countless stories of going to zero. If you've been sticking to trading altcoins for the past two years and haven't exited the market, give yourself a round of applause; you are definitely the most resilient in the crypto circle! Salute! Let's look at a set of data that is shocking!

A drop of 95% as a starting point: This is not a discount, it’s a direct ankle chop to those once FOMO-inducing star projects from 2021, which now only have a fraction left. A 95% drop can only be considered a normal performance, with numerous examples of 99% declines.

Historical lows clustering: Almost all altcoins are challenging their historical lows. What technical analysis and support levels are all jokes in the face of continuous decline.

Market value has shrunk to an unbearable extent: under 100 million USD has become the norm, and 20-50 million USD is a concentration camp. Think about these projects that used to raise tens of millions easily; now the entire liquidity is not even comparable to the balance of a single large account.

Daily trading volume below 1 million: Many coins don't even have enough trading volume in a day to pay a programmer's monthly salary. The so-called liquidity has thinned out to the point where a single large order can break the market.

The entire sector has collapsed, and the blockchain gaming sector can be described as a disaster area for value traps:

MANA, SAND, GALA, and AXS magically maintain a market cap of 300-500 million, as if they have reached some kind of tacit understanding. Only GMT honestly fell below 100 million; at least it is honest.

These tokens that once claimed to revolutionize the gaming industry are now only represented by charts silently telling the story of the bubble's burst.

BSC meme coins are even more tragic: CZ Dog, MUB, these once-popular memes now have a market value of only 20-30 million. Ironically, even latercomers like RATS are worth more than them. What does this indicate? In the meme world, novelty is everything.

Although newly listed coins are still holding high market values, that is only because they have not yet completed their journey of a 99% drop. DYM, ACE—these top performers that have completed a 99% drop within a year demonstrate with their actions: in the face of new coins, the slow decline of old coins appears gentle.

This is not a bear market! This is a massive liquidation, a massacre.

If you are still frequently trading altcoins, still studying fundamentals, still believing in project roadmaps, and still trying to catch the bottom in these two years, it can only mean that you are a warrior!

But you are still here, not leaving the circle. What does this indicate? It indicates that you still hold a glimmer of hope for possibilities beyond Bitcoin and Ethereum; it suggests that you believe the next bull market will bring new stories; it shows that you are willing to contribute liquidity to the riskiest parts of this industry, even if most of the time it is in the form of picking up the pieces.

Salute to the survivors, so, a salute to all the warriors still fighting in the altcoin secondary market!

Providing the most valuable liquidity for this industry with real money, paying for the great vision of the project party with account balances, and enduring the torment of continuous downward trends with strong nerves.

You are the true living fossils of the crypto world, the most unknown contributors to the blockchain revolution.

When the next bull market arrives, and new investors point to the charts asking why these coins are so cheap, you can proudly say: Because I fought there once and survived.

And now, in this darkest hour of altcoins, all we can do is wait or leave!