Let me share my understanding of the current crypto altcoin market. I categorize altcoins into five types: capital base coins, revenue recycling coins, consumption coins, option realization coins, and consensus tokens. 1. Basic assets used by economic systems to acquire and retain capital. - Demand comes from participation in the entire system - Core value lies in capital retention - Facilitates the internal wealth cycle of the ecosystem Representative tokens: ETH, SOL, BNB, TAO 2. Revenue recycling coins, where the money earned from business operations is used to buy back tokens according to set rules. The only core factor is having a traceable source of buy-side demand. Representative tokens: HYPE, RAY, SKY, OP 3. Tokens consumed or locked when customers purchase services. Representative tokens: RENDER, AKT, AR For these tokens, buy-side demand can come directly from customer budgets. Most AI-related tokens fall into this category. 4. Paying upfront for the right to capture future value. Representative tokens: ONDO, ARB, WLD Nothing more than buying into faith and expectations. While there’s a certain gap between the project’s business and the rights of token holders, these tokens can still maintain high market caps. 5. Consensus tokens. These tokens represent a shared wealth consensus and transaction medium chosen by a group of people. Representative tokens: DOGE, PEPE, WIF Among these, DOGE has both a payment currency role and a long-term community foundation. PEPE and WIF, on the other hand, have distinct cultural symbols and community trading attributes. Unlike other MEME tokens, the motivation to buy these comes from consensus and long-term social culture.