At the end and beginning of the year, the market enters a typical period of mediocrity. The market lacks new narratives to support it, and capital flows become cautious—everyone's enthusiasm has dissipated.

This stage can be called the "Low Dopamine Market." Investors are conservative in their mindset, and funds prefer opportunities that are risk-controlled and highly certain. As a result, altcoins cycle rapidly. A concept that doesn't catch on for a few days is quickly forgotten, and the next hot topic follows closely behind. The lifecycle of narratives is extremely short.

More realistically: no one is willing to be a long-term holder anymore. Everyone is pursuing short-term gains with certainty, rather than believing in the future potential of a project. In this market environment, projects that survive must have solid strength; relying solely on good storytelling is no longer enough. For entrepreneurs, this is both a challenge and an opportunity.