This article analyzes and discusses the current issuance status of altcoins and their impact on the market. There is a trend in the cycle where a large number of new tokens are launched with high FDV (Fully Diluted Valuation) and airdrop models, followed by a massive unlocking of tokens held by venture capitalists (VCs). Due to the market's reflexivity, prices often remain above or below equilibrium levels for extended periods, only shifting when participants realize their views are no longer grounded in reality. Lock-up periods for VC tokens, along with comprehensive assessments of market capitalization, price, and FDV, all contribute to enhancing trading information and judgment.