A mule or a horse, let’s take it out for a spin~ MSX trading opens today at 6 PM. Not much material to study. Here’s a quick breakdown: 1. High trading threshold You must be using the mobile app updated to version 1.5.3 to trade. Web users can’t participate. This naturally blocks a bunch of people. Kind of feels like starting with a single-player coin. The initial circulating supply is relatively easy to control. All in all, I think if there’s no pump, you probably won’t be motivated enough to specifically download the latest app version to deposit and take over. After all, updating this app is a bit of a hassle. If it opens low and you’ve got spare funds on the platform, you could take a gamble. 2. How big is the initial circulating supply? The info is a bit vague, but I estimate it’s around 10% airdrop and 10% market-making allocation. That’s about 100 million airdrop + 100 million for market-making. No public VC, no KOL rounds with refunds, and KOL salaries are settled in USDT, not tokens, so there’s no sell pressure. Genesis Airdrop and Retroactive Rewards (10%, 100 million tokens): TGE (June 27, 2026): Unlock 30% → 30 million tokens Second month: Unlock 35% → 35 million tokens Third month: Unlock 35% → 35 million tokens Ecosystem and User Incentives: About 5% unlocked at TGE. Market-making and Liquidity (10%, 100 million tokens): Essentially locked for the first 12 months, with almost no new releases currently. Using the most conservative FDV estimate of $50M, that’s $0.5 per token. A neutral estimate of $100M would be $1 per token. If the value deviates too much from my estimate, then I probably miscalculated the circulating supply. You can look for more accurate circulation data to calculate. I haven’t updated my app to the latest version myself because I’m not in a rush to trade either. @MSX_CN