Author: The DeFi Investor Translation: Shan Oppa, Golden Finance

This year, the opening performance of altcoins Surely terrible. According to dexu.ai, no cryptocurrency narrative has achieved positive price performance since the beginning of 2025.

So, why is the market falling? Looking back, I think there are several reasons:

1. Trump's inauguration became a "news selling" event (all thinking about it because Trump won The buyer actually bought it long before the inauguration ceremony).

2. The launch of US Bitcoin reserves is slower than most people expected.

3. There are many macroeconomic uncertainties now.

But perhaps the most important reason is:

Thousands of A low investment of tens of thousands of meme coins poured into the market. Issuing platforms like Pumpdotfun make it easy for anyone to launch new currencies.

And this is obviously unsustainable in the long run.

In the previous bull market, we had only a few thousand tokens. And now liquidity spreads over millions of different tokens. In the last 30 days alone, we have seen four major meme coins releases:

•$TRUMP—decreases from the all-time high (ATH) 76%.

•$MELANIA—A 90% lower than its all-time high.

•$CAR—a 95% lower than its all-time high.

•$LIBRA—a 93% lower than the all-time high.

These currencies all reached billions of dollars in market capitalization at their peak.

While I have no problem with meme coins like DOGE or FARTCOIN, these celebrity meme coins like I mentioned are negatively affected by cryptocurrencies, Because some insiders earn hundreds of millions of dollars through retail investors. The release of $TRUMP coins has led many celebrities to believe that insider trading is now legal.

Luckily, I believe there is still hope.

What makes me optimistic is that DeFi has successfully subverted memes in narrative thinking for the first time recently.

Meme Coin is the worst performer in the past 30 days, according to Dexu.ai. The fourth largest cryptocurrency narrative.

The sentiment about meme coins on X seems to have turned negative as well. More and more people are beginning to realize how celebrity meme coins extract wealth from retail investors.

In addition, the Securities and Exchange Commission (SEC) has just announced a new network division aimed at combating fraud in areas such as cryptocurrencies.

Hopefully this will end that crime season where every celebrity launches a new junk coin and sells it to fans.

I still believe that there will be many announcements supporting cryptocurrencies in the coming months. But there is still a big difference between encouraging innovation and tolerating scams. We need more innovation than more celebrities to deceive their supporters.

I expect that the practical season will finally arrive as we finally begin to gain more regulatory clarity in the United States and other majors.

Cryptocurrency will not disappear.

The past few months have been tough, but we have experienced worse moments.