At the end of the day, it's still people behind the operations. Liquidity? The essence hasn't changed, only the way it's played has.

Here's the current situation: the frequency of token launches has dropped, but everyone's attention has actually become more focused. The limited funds available are all being funneled into a few projects, which is why you're seeing those price surges.

Another change is quite obvious—the entry barrier has gotten higher. There are indeed fewer junk projects, so the risk of getting dumped on isn't as exaggerated as before. Of course, that's only "relative"—you still need to stay alert.