If you want to understand why retail sentiment is at all-time lows, these two charts explain most of it. There are fewer tokens worth >$250M today than at any point since early 2021. Every valuation tier above $250M peaked in Nov 2021 and never recovered. Meanwhile, the number of tokens >$1M did make new highs, peaking in Dec 2024. Pumpfun and the launchpad era created more tokens than ever, but the liquidity to sustain them never showed up. The pyramid got wider at the base and thinner at the top. Tokens by threshold (cycle peak → Jun '26): >$1M: 3,648 (Dec '24) → 2,442 (−33%) >$50M: 728 (Nov '24) → 358 (−51%) >$100M: 484 (Nov '24) → 217 (−55%) >$250M: 288 (Nov '21) → 110 (−62%) >$1B: 123 (Nov '21) → 45 (−63%) For most retail participants this is brutal: the median token fights against thousands of newly created competitors each day for less liquidity, which is the PvP environment we've been living in. The flip side: there's never been a better time to be a fundamental investor in crypto. As consolidation plays out, you just need to pick a handful of winners that can eventually grow into multi-billion dollar valuations. Methodology note: this covers all 54k assets CoinGecko has ever listed, including 36k dead or delisted ones, so survivorship bias doesn't flatter the counts. I took month-end market caps from Jan 2020 to Jun 2026 and excluded anything that isn't a unique crypto-native asset: stablecoins, wrapped assets, LSTs, lending receipts, and tokenized RWAs (e.g., ETH counts once; WETH and stETH don't count at all). ~10.7k unique assets finished at least one month >$1M between Jan 2020 and Jun 2026.