I personally feel that the Yao Coin market has entered the second half; the few that rapidly surged around May Day are all trending downward, only a few super high-control ones are still holding at over 1 billion. Here are a few reasons:

One is that mainstream altcoins in the market are gradually rising, and since they all have high positions, people are less willing to chase after Yao Coins;
Another is that after a few big players, everyone's threshold for market cap has increased, and they won't short unless at a relatively high level. Arbitrage funds are also trying to be smarter and avoid high fee rates. It’s hard for whales to find counterparties.
The last reason is that the previous successful market makers now hold more projects, and it’s hard to say whether their funds are enough to cover.