When liquidity is very poor, some DeFi Ponzi schemes tend to appear, because Ponzi schemes have the highest actual leverage, and a small amount of liquidity can drive a large market cap.

However, in reality, these seemingly wonderful appearances always collapse due to insufficient subsequent liquidity.

Memecoins and small-cap altcoins, on the other hand, lie dormant during such times. The sluggish liquidity environment actually leads to an increase in the holding ratio, and the best among them will rebound along with the broader market.

However, there are 120 days between the Beginning of Winter and the Awakening of Insects.