Zama's pre-sale has recently gained a lot of attention. To be honest, when the pre-sale started last month, everyone generally thought that entering at a 1 billion valuation to grab some gains would be good. Unexpectedly, it shot up to 600 million before trading opened, and this change in valuation was indeed surprising.

Interestingly, friends who hedged at the 1.2 billion level are now showing paper profits, and even before the official public offering began, they were already in positive territory. Based on the current market performance, the market cap range for this round of pre-sale is likely to stabilize between 5 and 7 billion.

This rapid adjustment in valuation not only reflects the market's rational game but also leaves better entry prices for subsequent investors. The specific situation of the upcoming public offering is still worth further observation.