This round, project teams are complaining that "the retail investors are too smart," all have weak hands, and it's too difficult to establish consensus, and pumping the price is useless. But looking at hype, pump, aave, it's not that consensus is hard to establish, it's just that this round, everyone is no longer establishing consensus on air. If your product creates user value, can generate cash flow, and cash flow can be linked to coin prices, the market will still fomo you, hype is already 60 billion, almost comparable to Robinhood in the US stock market. If you launch a useless product or create a meme, no matter how loudly you get KOLs to shout HODL, retail investors will still pour cold water on you. Let everyone establish consensus on air, the only consensus that can be established is that this is air, and if it rises a bit, it should be sold. In short, it's just that you can't find PMF.