I highly recommend that students who are referring to that season take a look at last year's series of tweets. After reading them, you will understand that the season is actually very difficult, not only because of liquidity issues but also because of systemic problems. The current issue with small coins: It is a liquidation of the VC primary market's rapid progress in the past few years; It is a manifestation of the majority of narrative falsification; It is also the core team of the encryption project with low cost of wrongdoing and low backlash; It is also a manifestation of the overall maturity and effectiveness of the market. The future should no longer be a season of comprehensive imitation, but a season of local hotspots (a few targets with high consensus and good liquidity). In the future, the 'foundational season' is more likely to emerge, where projects that are truly innovative, valuable, and continuously improve their fundamentals will receive the most attention and funding support.