WAL's launch immediately attracted a lot of attention. On the first day, it surged 288%, then entered a period of consolidation. Behind this movement, the market is actually digesting two voices — one questioning the high FDV, and the other expecting a long-term narrative.

Interestingly, institutional investors are taking action. Grayscale has launched the Walrus trust product, which is like giving the market a strong boost. Currently, the price is repeatedly testing around the institutional financing cost, with limited short-term pressure, mainly because the token unlock for major institutions won't happen until after March 2026.

The key now is when a true catalyst will appear. First, whether the mainnet can see actual data storage growth, and second, whether it can establish partnerships with more well-known projects (Onefootball has already partnered). Once these factors are realized, the market's perception of WAL can truly shift from expectation to valuation. For now, everyone is waiting for this validation moment.