The general consensus in the market right now is that altcoins are done for after 10/11. But this needs to be looked at from two perspectives: From a liquidity standpoint, the market initially hoped that DAT could bring a wave of new funds into the crypto space. However, after 10/11, it’s become very difficult for these DATs to attract funds from outside the crypto community. No legitimate investors are willing to invest in assets that could “crash by 60%-70% within an hour.” This single event alone is enough to prove that most altcoins are not suitable as long-term investment assets. So, this massive liquidation not only hurt insiders but also severely impacted outsiders’ perception of the crypto space. On top of that, many market makers suffered heavy losses during this wave. Behind the scenes, we’re still seeing a lot of small coins facing selling pressure. It’s estimated that some smaller market makers have already entered a “quasi-liquidation” process, selling off everything they’ve got to shut down operations. From this perspective, I don’t think we’ll see another full-blown altcoin season. But if we look at it from the perspective of “leverage reset,” I think there will still be individual altcoins that can outperform $BTC significantly, and there won’t be just a few of them. 2022 was a bear market all year long, but there were still some random things that pumped like crazy. As long as there’s a narrative and the big players have accumulated enough tokens, even in the worst environment, there will still be things that pump out of nowhere. I think some older coins that are fully circulated, with no VC or team selling pressure, are still worth keeping an eye on. After all, if these old coins have survived this long, it means there are always whales willing to accumulate them through cycles to play the pump-and-dump game. After 10/11, leverage within the market has basically been wiped out. If there’s really another bull market coming, I think these whales have already started secretly accumulating large amounts of tokens. As for what might pump, you can look into whether any old coins are willing to expand into “new areas,” like the privacy narrative that’s suddenly heating up again recently, or newer concepts like x402. These are definitely directions worth paying attention to.