CryptoQuant’s Ki Young Ju says narrative-only altcoins are finished. Only tokens with real revenue and business models can survive.
CryptoQuant CEO Ki Young Ju is pushing back on the idea that altcoins are finished.
In a post on X, Ju said narrative-only altcoins are the ones dying out. The era of profiting by simply issuing a token is over, he argued.
Only projects with real businesses, genuine revenue, and alignment with broader financial trends still make sense to hold over the long term. He added that being selective matters far more than writing off the entire sector.
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Three Altcoin Categories Ki Young Ju Still Believes In
Ju sorted the surviving altcoins into three groups. First, he pointed to global internet companies with tokenized market layers.
He cited BNB from Binance and GRAM from Telegram as strong examples. Both are real businesses with actual revenue and long-term operational commitment.
Ju noted that issuing a token and listing it on crypto exchanges can sometimes be more practical than tokenizing equity on a stock exchange.
As altcoin ETFs open the door to TradFi liquidity, some tokens may serve as exposure to their underlying ecosystems, he said. But only if those ecosystems keep growing.
His second category covers DeFi services generating real revenue. Ju highlighted decentralized exchanges like Hyperliquid as protocols still producing solid earnings.
He argued that altcoins in this space carry major upside when founders are credible, revenue figures are genuine, and governance actually respects token holders.
Altcoins are not dead.
Narrative-only altcoins are. The era of making money just by issuing a token is over.
My personal view on which altcoins can still survive 🧵
— Ki Young Ju (@ki_young_ju) June 17, 2026
Altcoin Market Cap Has Barely Moved Past Its 2021 Peak
Ju’s third category includes projects aligned with broader financial trends. He pointed out that the altcoin market cap has barely grown beyond its 2021 high.
Previous alt seasons ran on crypto-native themes like DeFi and memecoins, with most capital staying inside the ecosystem. Bitcoin, he noted, absorbed the bulk of TradFi liquidity coming from outside crypto.
The picture looks different in 2026, Ju wrote.
The market now understands what blockchain is actually suited for. Stablecoins, real-world assets, and tokenized stocks represent the new substance-backed narrative.
He also flagged blockchain infrastructure for AI agents as a potential major growth area, drawing a parallel to how real IT companies emerged after the dot-com bubble.
Ju Acknowledges Retail Pain but Warns Against Blanket Rejection
Ju addressed his audience directly on the emotional side of this market. He acknowledged that many of his followers took losses on altcoins.
He also said he respects Bitcoin maximalists and agrees that 99.9% of altcoins deserve to be rejected. But he pushed back on the idea of rejecting all of them.
“Most are trash is not the same as all are trash,” he wrote, urging followers to be selective rather than prejudiced. He closed the post with a reflection on how much the crypto space has changed.
He described the early days as jazz and the current era as classical music, with Wall Street now sitting quietly in suits. Crypto, he said, is moving into regulation. Slower, but bigger and safer.
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