Direction is not a belief, but a tool. Dead bulls and dead bears will ultimately be buried by the market.

The recent sharp decline of WCT has sparked controversy in the market. The project's fundamentals, market sentiment, and historical performance need to be analyzed from multiple dimensions:

1. Core Risks: Overvaluation bubble and continuous selling pressure. WCT's annual revenue is only 2 million, with a PS ratio as high as 60 times, far exceeding the industry average, posing a risk of valuation regression. Circulation risks include 44% retail mining chips and 32% early institutional holdings, which can easily trigger sell-offs.

2. Defects in Token Economics Design: Utility lagging behind, lack of value capture ability, inflation incentives backfiring, continuously suppressing the coin price.

3. Competition in the Sector and Ecological Bottlenecks: Limited market share, low revenue conversion rate, and questionable commercialization prospects.

Potential Opportunities: Undervaluation repair and ecological catalysis. The technical aspect has room for a rebound after overselling, ecological progress, and value reassessment, creating a long-term layout window. Key indicators comparing long and short positions show that although a bubble exists, the market capitalization has been significantly discounted, presenting a rebound opportunity.

Current valuation is high, selling pressure has not been released, and there is a risk of going to zero; if the price drops below $0.3 and the Q3 fee mechanism is implemented, there is hope for a revaluation. Investors are advised to strictly adhere to discipline, engage in short-term event-driven rebound speculation, and wait for fundamental right-side signals in the long term, avoiding blind bottom fishing.