PANews reported on March 1 that Nick Tomaino, founder of 1confirmation, wrote on the X platform that over the past decade, crypto teams have raised a lot of venture capital, followed by large-scale token locks, small floats, and heavy marketing to manipulate prices and FDV and attract retail investors. There are undoubtedly other insider games, such as paid market makers creating liquidity or simply deliberately conducting insider bidding for tokens, but the most basic "crypto VC" script is:

- Raise $100M+ and hype the deal with a great narrative;

- Launch of blockchain;

- Distribute 50%+ of tokens to insiders;

- Create a total token supply of over 100 million;

- 20% or less of the total supply unlocked at launch;

- Execute large-scale paid marketing campaigns.

Say what you will about this playbook, but the fact is that it works so well that 4 of the top 10 coins by market cap have executed it and created over $250 billion in value. Looking ahead, the big question is, will this model continue to work? But based on the recent Memecoin pump and dump, it seems like there is still a long way to go.