From the distribution of holding addresses, the situation is quite interesting. Among the top 100 addresses, only 3 are in a loss state, and all wallets from rank 34 to 100 received tokens at the same time. This highly synchronized entry point is worth noting.

Looking at the bigger picture, the current valuation increase of this project is indeed excessive. Comparing it to similar DeFi protocols, the growth multiple far exceeds the trajectory of AAVE back in the day. But the problem is that the project itself has not yet achieved profitability, and the sustainability of its business model is still under validation. Under these circumstances, the current market pricing clearly overestimates future expectations.

In the long run, projects like this need time and data to prove themselves. After the price corrects to a more reasonable level and settles for a year or so, supporting the valuation through actual operational results, it will be a healthier development path.