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VC tokens to some extent died due to airdrops,
a few typical examples:
ZKsync airdropped tokens worth about 1.1 billion USD.
Starknet airdropped tokens worth about 1.2 billion USD.
W airdropped tokens worth about 1 billion USD.
There are also BLAST with a 476 million USD airdrop and Scroll with a 100 million USD value airdrop.
Just these five projects, around the TGE (Token Generation Event), airdropped approximately 4 billion USD worth of sellable tokens.
Relying solely on a bear market makes it difficult to completely kill VC projects that raised hundreds of millions, but airdrops can.