Willy Woo: Altcoins are an insider's game, current cycle is dominated by meme coins

Willy Woo, a cryptocurrency analyst, wrote on X yesterday: "I haven't talked about altcoins for several years. After the 'shit rolls downhill chart' depicted the performance of 10,000 altcoins, I gave up interest in them. But someone asked me specifically, and here's what I think about the market value of altcoins: This cycle is obviously different from other cycles. This is the third cycle in which retail investors have started to lose money on a large scale since altcoins entered the mainstream in 2017. 2020-21 is the 'innovation' of DeFi and NFT, and a large number of retail investors have lost money again. The third altcoin cycle is about Meme coins, which is a mockery of the cryptocurrency field. It does not pretend to be a technology that subverts the world, but is just an honest bubble casino. So I think retail investors may understand. It usually takes three attempts to learn something. Its dominance has not yet fully returned to the long-term balance, but no one knows what the long-term balance will be. I'm not saying there won't be an altcoin season. Of course, as investors chase higher returns on the risk curve, BTC Small and mid-cap altcoins will rally after a surge. This is a normal part of the market, we have seen this with stocks. It’s just that each cycle, starting with the 2017 altcoin bubble, altcoin seasons have been weaker. Also remember that altcoin market cap is the sum of all new winners… losers are not counted in the market cap. Sure trade them if you want to participate… but never hold them unless you know enough to know what’s going on inside because altcoins are an insider’s game, and just like a casino, the house will win in the end. But you already knew that.”