The scavenger crowd is actually the backbone of the crypto space, but with the blast of 1011 this cycle, they've basically been wiped out. Why are they considered the backbone? A coin relying solely on PvP cannot see a significant increase in market cap. There must be people who believe in 'narratives,' 'trends,' and 'technology,' who not only hold but also maintain and promote them. These people, together with market-making funds, work with sentiment and trends to push up coin prices and ensure steady market cap growth. Without market cap comparisons, why would a new token from a project have XX market cap? Why would a community meme have XX market cap? This valuation logic has always supported the crypto space in the past. Now, for a new token from a project to have XX market cap, people analyze what the 'whales' are thinking—whether they want to squeeze shorts or dump on the market. For a meme coin, it's about who is hyping it, what stage of the pump-and-dump cycle it's in, and ideally, selling as soon as it hits the spot market. Looking back, these PvP strategies are the best strategies. All the scavenger crowd who believed in past narratives, trends, and 'fundamentals' have been completely wiped out. With this backbone wiped out, where will the market go? If we're already in a bear market, then there's no need to discuss further—altcoins dropping another 80% wouldn't be surprising. If $BTC still hits new highs and $ETH sees significant new highs, then the altcoins that could rise are, in my opinion, the ones that ignore fundamentals—memes, because their market cap and price *are* their 'fundamentals.' As for other industry hotspots and unexpected events, shitcoins are unpredictable, so we'll just have to take it step by step.