I come from the year 2021. The weather was fine, and the daily APY was thicc! the scams and rug pulls were there, but a lot more thought had gone into these projects. Ahhh OHM, TIME, STRONG.. take me back! Around 17,000 Alt coins existed back in those days (meaningful) with many of them dead. Liquidity was juicy after the COVID crash and the choice of alts to invest in MUCH smaller. Alts would pump 10x in a few hours. Launchpads were the real alpha and APY plays made you feel like you were really about to retire in a few weeks! Alas for many, it was simply moving liquidity to the early adopters.
Fast forward. It’s July 2025, we’ve had sunshine for a week in the UK and BTC.D is looking like it’s about to make moves. Many Altcoin moonbois from 2021 are now BTC maxis having joined the halls of BTC Valhalla with the once 2017 Altcoin moonbois! What’s left, a somewhat hopeful, slightly delusional and most certainly deep in the red group of crypto bros praying a 2025 AC Szn will set them free.
At the end of 2021 around 400k tokens had been born, lived and died. By the end of 2025 it’s estimated there will have been nearly 100 million tokens created. As of today it’s believed there are hundreds of thousands of active / alive projects
Think about that number, think about how much liquidity is needed to nourish hundreds of thousands of projects this Altcoin season, draining liquidity – spread thin like butter. There simply isnt enough liquidity in the market to feed the hunger of all.
Sadly, MANY legitimate, great projects will see no more than maybe a 1-3x top 100s may see 50% to 1x.
This fabled Alt season will be like spreading butter over the world’s largest piece of toast.
I ofcourse hope you all get back to break even. And we will welcome you with open arms into becoming a BTC maxi when it’s all said and done 🙂
submitted by /u/Jayrovers86
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### 2025年的现实：关于“山寨币季”的一剂清醒剂
在2021年，我看到了山寨币的黄金时代。当时，市场气候良好，日常年化收益率（APY）让人心动不已。虽然当时各类诈骗和“地毯抽走”现象层出不穷，但不少项目的构思都经过深思熟虑。回首那段时期，我们看到的有OHM、TIME和STRONG，这些项目仿佛是投资者的梦乡。彼时，存在着约17,000种山寨币，虽然其中不少已经消亡，然而可供投资的选择却相对较少，流动性充足，如今令人怀念。
随着时间推移，我们来到了2025年7月，英国内连续晴天已达一周，而比特币的市场占有率（BTC.D）看似即将迎来变动。当年那些追逐山寨币的狂热者，如今多数已转向比特币阵营，成为比特币的忠实拥趸，先前那些在2017年狂热追逐山寨币的投资者也同样成为了比特币战士！如今回首，只剩下这一群充满希望、略显妄想，且大多数正深陷亏损的加密朋友们，冀望在2025年的山寨币季中找到自己的救赎。
到2021年底，已经有大约400,000种代币诞生、繁荣与消亡。而到2025年末，预计将有近1亿种代币被创造出来。截止今天，我们相信市场上活跃的项目数量甚至达到数十万。
试想一下这样的数字，要养活数十万个项目，需要多少流动资金？流动性已经像黄油一样薄薄涂抹在全世界最庞大的吐司片上，而市场根本没有足够的流动资金去满足所有项目的需求。
遗憾的是，许多优秀的合法项目很可能至多只能实现1-3倍的增长，而前100名的项目或许也只能获得50%至不超过1倍的回报。
这个传说中的“山寨币季”就像是在世界上最大的一块吐司上涂抹黄油。尽管如此，我还是希望大家能够回本，期待着终有一天，你们能够以开放的心态欢迎比特币的时代，成为真正的比特币战士。