The last wave was Notcoin (NOT), after which we only found that all projects originating from $TON that had utilities on Telegram were not very good tokens in terms of price and distribution. Look at how Pixelverse (PIXFI) was inconsistent with its initial policy, so the community complained to their X account which caused the account to be lost.

Slowly this hype will fade and then disappear, we can only take the positive and negative impacts of this wave, hopefully it will give more good impacts.