Bitget CEO Gracy Chen pointed out that the number of shares in SpaceX's IPO is only 555.6 million, while the total share capital is as high as 13.1 billion, which makes its liquidity extremely low, reflecting the characteristics of high market valuation. This phenomenon also exists in the cryptocurrency market, where some projects adopt a low liquidity, high market value (FDV) strategy to attract investors' attention. Firstly, low throughput can effectively enhance the sense of value per share and bring scarcity to the market. Similar to high demand products, limited supply often drives up prices. Secondly, the strategy of low liquidity accompanied by high market value allows investors to have higher expected returns on assets in the short term, although the risks are relatively increased. This kind of "hype" effect is not uncommon in the cryptocurrency market, and investors need to carefully discern it. Finally, for investors who wish to participate in such investments, it is necessary to clearly assess their own risk tolerance and understand the potential impact of market fluctuations. Overall, low liquidity and high FDV encryption projects may attract a lot of attention in the short term, but the risks should not be underestimated.