Having been deeply involved with the SATs project, the gas consumption during the initial minting was truly staggering—just the minting fee alone cost $80 million, a figure that stands out even more today. Looking at the current price trend, it has basically fallen below the issuance price, but this also means that the risk has been fully realized.

From a chip perspective, the early accumulation by institutions and major holders has basically come to an end, and the market is now mainly composed of retail investors' holdings. This is a key turning point. If new capital sees the potential of this IP and enters the market, the upward potential is theoretically considerable; if no one takes the bait, it will continue down the death spiral. But there's a logical question—would a well-known IP in such a competitive track really have no capital willing to come in?

From a game theory perspective, accumulating some chips at the bottom stage now and holding for one to two years could yield several times the return, which is not an unrealistic expectation. Even if the project doesn't rebound as expected, given the current price levels, the loss space is extremely limited. This high-probability, low-risk allocation approach is indeed attractive to long-term participants.