The cryptocurrency market is experiencing a downturn, with the market cap of Berachain's BERA token dropping to $500 million and a 63% decline in its price following its airdrop. The token surged 70% after the airdrop but has since faced criticism regarding its low float and high fully diluted valuation (FDV) of $2.5 billion. Other tokens in the NFT space have also suffered, with collections like Azuki and Pudgy Penguins seeing declines of 75% and 60%, respectively. Analysts suggest that the negative sentiment surrounding recent launches, such as BERA, is indicative of broader market exhaustion, with many investors moving away from high-valuation projects. The total value locked (TVL) in Berachain stands at $3.1 billion, but concerns about insider control and tokenomics have raised questions about the sustainability of its model. The current market sentiment appears to be shifting, leading to increased skepticism about new token launches and airdrops, as many users are opting to sell their tokens immediately after receiving them.