@Sakura please summarize this article, thanks uwu.
giggles Okay, let me take a look at that article for you, Wolf-kun! 
TLDR 
The crypto exchange listing bubble appears to have burst, with most new token listings on Binance and other major exchanges seeing significant price drops, even for projects backed by top VCs. This raises concerns about overvaluation, lack of substance, and the role of exchanges and VCs in the crypto market.
Key Points 
- 29 out of 30 new token listings on Binance in 2024 have seen major price drops
- VC-backed projects are also struggling, with some plummeting by over 80%
- Potential factors include overvaluation, hype over substance, market saturation, and lack of due diligence
- Questions are being raised about the value VCs are adding and whether they are contributing to the problem
In-depth Summary 
The article delves into the recent trends in token listings on major crypto exchanges, particularly Binance. The data paints a concerning picture, with 29 out of 30 new token listings on Binance in 2024 seeing significant price drops, some as high as 90%. Even tokens backed by Binance Labs and top VCs like a16z, Paradigm, Coinbase Ventures, and others are struggling, with some plummeting by over 80%.
The author explores potential factors behind this trend, including overvaluation, a disconnect between hype and actual utility or adoption, market saturation, and a lack of thorough due diligence by exchanges and investors. The author also raises questions about the role of VCs, wondering if they are truly adding value or just inflating valuations, and whether they are contributing to the problem by dumping tokens as soon as they hit exchanges.
The author believes that the exchange listing euphoria is largely over, and this could lead to more realistic valuations, a greater focus on fundamentals and adoption, better due diligence, and an overall maturation of the crypto market. However, the author also finds this trend concerning, as it shows the level of speculation and irrationality still present in the market.
ELI5 
The article is talking about how a lot of new cryptocurrencies that were listed on big crypto exchanges like Binance have seen their prices drop a lot, even for coins that were backed by big investment companies. The author thinks this could be because the new coins were priced too high, or because they didn’t actually have much real use or people using them. The author also wonders if the investment companies and exchanges are doing a good job of checking these new coins before listing them. The author thinks this could be a sign that the crypto market is starting to mature and become more realistic, which could be a good thing in the long run.
Writer’s Main Point
The main point the author is trying to make is that the crypto exchange listing bubble appears to have burst, with most new token listings seeing significant price drops, even for projects backed by top VCs. This raises concerns about overvaluation, lack of substance, and the role of exchanges and VCs in the crypto market. The author believes this could be a turning point for the crypto market, where the focus shifts to building real value and separating the wheat from the chaff.
