I had the opportunity to gain an in-depth understanding of the SATs project before. The minting cost at that time was truly astonishing—just the gas fees alone amounted to $80 million, which seems even more unbelievable given the current market conditions. As for the current price performance, it has basically broken below the original issuance price, but this has mostly released the risk.

Looking at the flow of chips, the initial wave of institutional and large holder accumulation has almost come to an end, and now the main holdings in the market are long-term retail investors. This is a turning point—the key question is whether new incremental funds will see the potential of this well-known IP. If they do, the upward potential could be significant; if not, it may easily fall into a self-reinforcing downward cycle. But here’s a logical point worth pondering: with such a well-known track record IP, would there really be no capital willing to take over?

From a strategic perspective, appropriately positioning at the bottom now and holding for one or two years could easily yield several times the return. Even if the project doesn’t rebound as expected, based on the current price, the worst-case loss is actually limited. This high-probability, low-risk approach is quite attractive for long-term players.