On July 8, Dragonfly managing partner Haseeb posted on social media that many founders tried to launch tokens during a bull market, but these tokens still need to experience a bear market eventually. Haseeb is skeptical of the impact of market cycles on the long-term value of tokens, arguing that this implies that certain tokens systematically underperform due to the market cycle at the time of issuance, which is unlikely. Haseeb added that while a bull market issue may have more money for growth, the competition in the market is relative. If the market falls by 50%, the native token eco-fund will also fall by 50% and the market share will remain relatively unchanged. Haseeb stressed that the timing of the fundraising event does matter, but he was talking about a token offering (TGE), which is more akin to a direct listing than a fundraising event.