There are more and more projects that require TGE visible to the naked eye, but the fundamentals of the altcoin market do not seem to have improved significantly: 1) Ethereum is still at a low level and has not been able to effectively start a new knockoff season. It is hard to say how much it will rise, but emotions must be in place, at least waiting for the dominant technology narrative belief of Ethereum to return to its position; 2) Launching TGE amidst various negative Buffs such as liquidity depletion, technological narrative drought, and lack of airdrop reputation effect may be a last resort for the project team. However, from a different perspective, projects that have the courage to issue coins during market downturns and then expand their operations are much more reliable than those that still wait for sufficient liquidity to issue coins; 3) The contrast between the solo dance of Bitcoin and the desolation of altcoins has long been polarized, but we cannot rely solely on the spillover effects of Bitcoin to save the altcoin market. altcoins need to prove their intrinsic value from the void of narratives that are greater than the sky, and break free from the pure speculation mode of no delivery and no PMF in the past.