Less than 18 hours left until Zama @zama public sale ends. So far, a total of $36M has been raised, with bids mainly concentrated in the $0.03–$0.055 range (exact amounts unknown). Compared to the pre-sale price of $0.06, there’s still some arbitrage opportunity. According to Polymarket’s prediction data: The probability of ZAMA auction clearing price > $0.05 is only 31%; The probability of ZAMA’s FDV > $600M one day after listing is 61%. The market hasn’t shown enough confidence in the combination of “high clearing price + sustained high FDV.” Considering the recent wave of public sale RUG events, I still lean towards participating in the ZAMA auction around $0.03–$0.04. I’d rather miss out on gains than catch a falling knife. This analysis is for reference only and does not constitute any investment advice. If you profit, it’s your skill; if you lose, it’s also your skill.