Narrative fatigue: Lack of "breakthrough-level" innovation. The 2021 altcoin bull run relied on narratives like Decentralized Finance, NFT, and GameFi, but this cycle has yet to see new stories of the same magnitude. AI + Blockchain, although heavily hyped, has limited practical applications and remains more in the conceptual stage. The proliferation of meme coins is rampant; among the 870,000 meme coins on the Solana blockchain, 97% survive for less than 30 days, with rapid capital consumption and liquidity depletion. The growth rate of the Ethereum and Solana ecosystems is slowing down, lacking disruptive upgrades, making it difficult to support valuation expansion.