🚨【Starting from the disappearance of 11.6 million tokens】

Many people misunderstand the impact of 2025 on the crypto world. In fact, this is not a cold winter, but a thorough market cleansing.

Data speaks: Over 11.6 million tokens have lost liquidity within a year, directly disappearing from the trading market. From another perspective, this is almost a淘汰赛 (elimination race) for the entire industry.

📉 The numbers are even more heartbreaking:
Among failed tokens recorded since 2021, 86% are concentrated in 2025. In just the fourth quarter, over 7.7 million tokens were completely abandoned by the market.

But here, a key point must be clarified 👇

💡 "Dead tokens" do not necessarily mean scams or exit scams

What it truly reflects is:
👉 No one is trading anymore
👉 No liquidity at all
👉 No one willing to take over

This is actually the operation of the market's natural selection mechanism, not the result of project teams doing evil.

Why does this happen? Two most realistic reasons:

1️⃣ The barrier to creating tokens has become ridiculously low — Launchpad, Meme tools make issuing tokens nearly zero cost.

2️⃣ Leverage + forced liquidation create chain reactions — once there's a big drop, funds quickly flow back into mainstream assets, and small tokens lose blood directly.

📊 Is this good or bad for the market?

In the short term, it is indeed bearish. Many projects go to zero, and retail investors' confidence has been hit several times. The era of "buying coins blindly and making money" has been thoroughly ended.

But in the medium to long term, this is actually a positive signal. The bubble is squeezed out, and market attention shifts back to assets with real liquidity and practical use cases. BTC, ETH, leading public chains, and projects with genuine application scenarios become scarcer and more concentrated.

🎯 To put it plainly, my core judgment:

2025 does not "kill cryptocurrencies," it just kills a幻想 (illusion) —

Not every token is destined to survive.

From now on, it's no longer about how well the story is told, nor how loud the calls are, but about:

📌 Is there enough liquidity
📌 Are there real use cases
📌 Is there genuine market demand

The crypto world is "shrinking," not "dying." Understand this point, and you won't go wrong on the road ahead.