If no-one wants to buy a thing at any price, it is - by definition - illiquid. The notion that something for which there is no demand can be liquid is strange.
But it seems very much that it is true. Did you mean to make a different point?
If your point is that tokens without liquidity are worthless, then that's true (that's why initial decentralized exchange offerings always involve seeding liquidity pools, as mentioned). If your point is that tokens can get arbitrarily close to zero if everyone sells, that's also true.
But if you get a token that's being actively traded on exchanges and has healthy liquidity pools and a healthy market cap, that certainly is a better deal than some percentage "equity" an early-stage startup dangles in front of you.
Fundamentally not true. Unlike traditional markets, crypto exchanges work by leveraging AMM liquidity pools. Obviously, a token can go up/down based on supply and demand, but if there's liquidity you can literally always sell. Confusing early-stage startup equity is by far more predatory than giving someone some shitcoin with a vesting schedule. Any argument to the contrary is either disingenuous or misinformed.
With traditional equity offerings, you need to worry about: what class of stock did you get, what's the vesting preference, will you get diluted, what if you get fired, etc. I'm hardly a crypto bro, but imo startup equity is one of the biggest scams around that often takes advantage of young and inexperienced engineers that don't quite understand its financial underpinnings.