The valuation methodology of the crypto market has always been controversial. Using PE to price tokens? That's indeed not suitable; this area has its own logic, and trying to apply the stock market framework can easily backfire.

However, the core point is still worth pondering—retail investors need to be more cautious and not get caught up in those VC traps. Speculative trading of trash coins always ends up with the last entrants bearing the losses. Instead of day trading these assets, it's better to wait for the market to self-purify.

This process is essentially a big wave washing away the sand—poor projects are gradually eliminated, and the exchange ecosystem will be reshuffled, leaving only the ones with vitality. Once this round of cleansing is over, the next bull market will have a stronger foundation. This is not pessimism; rather, it’s a rational judgment on long-term development.