At the end of 2023 and the beginning of 2024, there was a legit wave of wealth effect within the ecosystem, with on-chain inscriptions and ordinals also having their moment. By the end of 2024, Solana memes (pump mode) exploded, creating an even bigger wave of wealth effect on-chain. The current dilemma is that there’s no wealth effect within the ecosystem, and no innovation on-chain—stuck between a rock and a hard place. But hey, good trades aren’t just about judging whether an asset is good or bad; it’s also about the price. Don’t forget how everyone trashed $ETH when it wasn’t pumping. Then $DAT came along, and suddenly all the narratives followed. $ETH was still the same $ETH—the only thing that changed was the price. With the current sentiment, it’s hard to imagine what more disappointment or criticism could be thrown at ecosystem altcoins. The mood on Twitter is all disappointment/anger—whether it’s from industry builders or traders, everyone is expressing extremely negative emotions. Honestly, right now it’s either the end of an era (altcoins going to zero and dropping another 80%) or the bottom of a new cycle. Analysis doesn’t mean much at this point—it’s either time to place your bets or step aside and wait for a new era.