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Recently, some changes have been observed in the market, worth noting.
The newly launched contract tokens are not performing very well. Take IR as an example, today's limit order trading volume didn't even reach 100,000, which would have been impossible a while ago. Liquidity has deteriorated to this extent, clearly indicating that market enthusiasm is waning. Without new incremental funds coming in, the willingness of old players to take over is also weakening.
The situation on the RTX side is even more strange. Trading volume is indeed breaking records, but contracts are not being added, which is a bit perplexing. Usually, tokens with trading activity should consider becoming contract-based, but the current pace feels off.
Overall, signals of a bear market are indeed accumulating. Liquidity exhaustion, lack of new coin enthusiasm, stagnation of some tokens—these are not good signs. The future direction remains to be seen.