I think that now its just not a favorable time to enter the market, and this time does not spare anyone, together with scammers, good guys who have a really good idea fly away, some even have a product, but since this is a market too badly spoiled by manipulations and scammers, no one can succeed on it, except for those companies that raised their funds back in 2018 on a preliminary sale.
I agree with that, the kind of investor seen in the 2017-2018 round dont look like very serious investors, like long term partner who really believe in the project. It more seem in large part they were more gambler profiles, or people wanting To benefits from pump and dump, inside trading, and fraudulent scheme.
Not the kind of investor you are looking for To build long term parternship based on trust and long term perspective and use case, and how the technical solution will benefit in a sector or another, more like pseudo traders looking at charts and statistic pattern, regardless of a grounding in "real economy".
It doesnt look like an environment conductive to solid company with a real long term objective in the market outside of reading coffee ground on trading chart trying To figure where the next pump is going To be.