I just looked at ZAMA's pre-market行情, missed the opening after picking up my kid, and later saw some friends making a killing by shorting. But I want to give everyone a warning here.

Zama's upcoming public offering will use a dark bidding auction method where participants submit their own bids and quantities—no one can see what others are offering. The project team will start from the highest bid and go down until the fundraising goal is reached, then close the bidding. All settlements are based on the final cutoff price.

This mechanism has an inherent problem. Once market sentiment heats up, people tend to fall into the logic of "I bid too low and can't get in, bid too high and I might get a better deal," creating a vicious cycle of bid-up and crowding. Do you think the project team might use pre-market price movements to stimulate public offering expectations? 😏

Currently, the pre-market open interest is only 2.5M, with very shallow depth. It reminds me of MegaETH, where pre-market trading on a certain exchange soared, and as you know, many chasing the high even chose to lock their positions for a year just to secure a share.

Personally, I wouldn't dare short below 13, as the risk is quite high. But whether to really bottom fish or chase the high depends on your judgment. Remember, in dark bidding methods, sentiment can sometimes influence the final price more than fundamentals.