2. The $2 Billion Warchest: A Massively Undeployed and Misunderstood Catalyst. The market's primary frustration—that the team isn't using its massive treasury—is precisely the core of the bullish thesis. The ~$500M-$1.3B raised in the ICO remains a potent, unspent catalyst. While the initial ~$30M buyback was clumsy, it proved both the willingness and ability to support the price. The buyback wallet still holds over $12M in SOL, ready for deployment. The prevailing narrative that the team "fumbled" ignores the alternative thesis from trader 0xjaypeg: this is a deliberate strategy to bleed out short-term ICO flippers and leveraged longs to establish a stronger holder base at a lower valuation before the next leg up. The market is pricing in the team's inaction, creating massive asymmetric upside for when they inevitably deploy their warchest to defend market share or reignite momentum.