Remember the DWF market trend? Before Binance's delisting plans, betting on a small altcoin and hoping for DWF to pump the market was almost a go-to strategy for spot traders. Since most of DWF's market-making projects are listed on exchanges, compared to pure MEME coins, the risk of going to zero is significantly lower. DWF likes to play multiple roles simultaneously: investor, market maker, and market promoter. They invest in a project first, then provide liquidity and leverage their industry influence for promotion. In 2023-2024, they’ve probably created at least two opportunities for speculators to achieve financial freedom: - In 2024, they announced two multi-million dollar purchases of FLOKI - Announced their investment in LADYS (Milady) Currently, TON and WLFI are DWF's main holdings. While these are unlikely to experience massive pumps or dumps, most of the low-quality coins chosen by DWF share the following characteristics: 1. Highly concentrated holdings: A few non-exchange addresses (e.g., the top 10 holders) own an excessively high proportion (e.g., ≥60%) of the tokens, with the project team or whales tightly controlling the supply. 2. Extremely imbalanced liquidity: The actual liquidity on exchanges is severely insufficient compared to its FDV. 3. Fake circulation: Circulation appears large, but most tokens are locked in market-making, staking, or team wallets. 4. Core trading volume and depth are overly concentrated on a single exchange or within a specific market-making cluster. 5. Around the time of major token unlocks, the project team intensively releases positive news. In fact, these are also the characteristics of many top-ranking tokens right now. The reason for summarizing this is that, in my opinion, instead of praying for an altcoin season, it’s better to look forward to the emergence of DWF 2.0 or even 3.0 market makers.