The crypto market exploded from 5,400 tokens in 2020 to over 20 million by 2025, creating historic capital dilution. We explain how memecoins, high-FDV launches, and relentless token unlocks structurally killed the traditional alt season.
Tokenomics, network activity, and a supply-shock reality check on Bittensor's upcoming halving. What's priced in, what isn't, and the levels we're watching.
9 min read08/01/2026
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