Recently, a major exchange launched a wave of Chinese-language tokens. I initially thought it would ignite the market, but instead, there was a widespread decline—this seems to have become a fixed rhythm.

To be specific, the market expected the new tokens to reach at least a 300 million market cap, but reality slapped us in the face. After listing, they didn't even break 150 million, and the 12-hour trading volume was only 47 million USD, clearly below expectations. This indicates one issue: retail investors' enthusiasm is waning.

Currently, the price hovers around 0.13, and it doesn't look like the explosive rally before listing. Even more painful is that tokens like Hakeem and Ugly Penguin have also slightly declined. The reason is simple—new tokens underperform expectations, and the market is starting to reassess the likelihood of new listings, but behind this game, everyone's sentiment has already cooled significantly.

If a major exchange doesn't continue to pump these tokens, they are likely to follow the "typical route": initial volatility, then continued weakening. Frankly, the logic behind launching these Chinese tokens might be straightforward—seeing the market become so tough, they want to grab liquidity through a few new tokens and bring users back onto the chain.

But there's a more painful observation: right now, on Twitter, kissing up to exchange executives and spouting nice words is actually easier to profit from than doing real work or holding tokens long-term. Many who are genuinely building have already given up. Over the past year, among the projects supported by certain exchanges, few have actually made retail investors money.

It's like what an industry insider said: if in an industry, flattering others is easier than doing real work, then that industry basically has no future. The current crypto market has a bit of that flavor.