There's a pattern worth examining in crypto markets right now. Some projects thrive purely on hype while facing zero accountability—it's become a systematic issue. A few factors keep this cycle spinning:

First, the lack of real consequences. When teams behind dubious projects face no legal repercussions, there's little incentive to change behavior.

Second, retail participation remains constant. New investors keep flowing into questionable tokens—whether it's hyper-local tokens or purely speculative assets—as long as they have dry powder to deploy.

The market continues rewarding this dynamic because the mechanisms to filter and punish bad actors haven't matured yet. Until either regulation catches up or investor sophistication shifts dramatically, we'll keep seeing these cycles repeat. It's less about individual projects and more about structural gaps in how crypto markets function at scale.