Let's talk about something wild in the token launch space – FUEL's valuation collapse is genuinely mind-blowing.

Current fully diluted valuation? A mere $18M. Yeah, you read that right. Less than a year post-launch.

Here's the kicker: their pre-launch raise valued the protocol at $1B FDV. That's not a typo either.

Do the math on this one. Park $100k during that billion-dollar round? You're staring at roughly $1,800 today. That's a 98% haircut, maybe worse depending on when you got in.

This isn't just about one project tanking. It's a case study in how pre-launch valuations can be completely detached from reality. When protocols debut at sky-high FDVs with low float, the unlock schedule becomes a ticking time bomb.

FUEL's trajectory raises questions every investor should ask: What's driving these initial valuations? Who's actually benefiting from these structures? And why do retail participants keep getting caught holding the bag?