Comparing altcoins to "pink sheets" is actually quite polite, after all, sometimes there is a real company behind pink sheets, whereas many tokens are just a few lines of code and endless unlocking schedules. The "one-way distribution model" here is the most elegant way to describe a typical money grab. Future liquidity will belong to only two categories: Meme tokens with strong cultural significance, and RWA (Real World Assets) with substantial cash flow.