Turing-laureate Silvio Micali ran a Dutch-auction sale in Jun 2019 at $24 per ALGO raising $122M, pitching pure proof of stake with academic rigor. Hit $8.7B at the 2021 peak, then the endless refund clauses and vesting drama ate the narrative. Chain works, tech is solid, community is small but devout, and the chart has been a long slow exhale for years..