I’m starting to accumulate MET here. I never expected it to trade at these levels. If I had, I would have allocated everything I put into my “double down or die” strategy. (I’m actually cutting some of the profitable positions from that strategy to size up on this trade. Even with that, I still won’t be able to make it as large as I’d like, I’m too spread, and I hate being spread.) I can’t quite pinpoint why MET is trading this low, but I’d guess it’s a mix of CT emotion, the JUP chart, and general Solana sentiment. My read so far: A. CT labels MET as “criminals” because of the BEN/HAYDEN fiasco. B. Many of the airdrop recipients are still hurting from the 10/10 liquidations, and others are criminals, both are guaranteed sellers. C. CT is trying to stay “morally clean,” avoiding the token as some badge of integrity. D. Solana’s going through an off-season. E. Everyone’s wrongly comparing it to JUP. These thoughts might be wrong, but this isn’t a trade that requires being right about narrative. It’s one where the numbers alone justify playing it with size. MET is trading at roughly 2x annualized revenue. That’s a gift. Strip away the context of the team or protocol, show only the financials, and anyone in the world would deploy capital without thinking twice. And we’re in crypto, where FDVs are memes and fundamentals don’t anchor anything. That makes this setup even more absurd. Strip emotions out and look at the facts: A. It’s generating fees on par with HYPE. B.XPL sits around a ~3B FDV. C.USELESS trades near a ~300M MC. D. 48% of supply was airdropped. E. The tech is exceptional. F. There’s zero real competition. You could argue that a big portion of fees goes to LPs and that the buyback mechanism isn’t strong. But even accounting for that, it still feels heavily mispriced. It’s such a clear trade that it almost feels suspicious, like I’m missing something obvious. This will likely be my last major trade until I unwind other large positions. I don’t want to get caught chasing at this stage of the cycle.