$H Even if it surges harder, it’s still just a valuation-side sleight of hand—there’s a hole of more than 80% left until the historical high point, yet the market cap still sits on top of a $500 million valuation, firmly inside the top 100. Lay the accounts out: the market has only released a bit over 30% of the float, with all locked supply fully accounted for—so the real valuation is close to $1.5 billion. What you see as market cap is nowhere near even a fraction of the true picture. The remaining two-thirds of supply is still sitting up on the peak; every time a tranche unlocks, it’s like a blade. Every mouthful of gains at the top is basically paying in advance for the not-yet-unlocked tokens.