Why is this round of bull so strange?

First of all, it must be the issue of liquidity. At some point, the liquidity in the currency circle was very good, and there were always various opportunities in innovative projects. However, this round obviously did not present innovative content. There were VCs sharpening their sickles in the front, and conspiracy groups conspiring in the back to harvest leeks. In the end, Trump used two presidential coins to declare the complete exhaustion of liquidity in the currency circle. Without liquidity, what we see now is a scene of uninterrupted decline, and a big hole can be smashed without too many chips.

The essence of this round is the lack of innovation. We can see that, except for last year's inscriptions and AI AGENT, there are almost no new narratives. From a broad perspective, these two seemingly innovative things have not landed well so far. So fundamentally, we can still attribute them to MEME. MEME coin was the innovation of the last bull market, not this one.

There is no innovation, which means that the field cuts each other, although it has attracted a lot of off-site funds, but it still can't cover the crazy influx of all kinds of pig killing projects, sometimes I often think that there are even more practitioners in this industry than leeks, and I really don't know who cuts who in the end.