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 The cryptocurrency market will reappear in the "coin grabbing" scene at the end of October 2025. The initial coin offerings (ICOs) of Ethereum expansion plan MegaETH, privacy protocol zkPass and Sui ecological decentralized exchange Momentum, the total subscription amount reached US$1.4 billion in just a few days, far exceeding the original fundraising target, and pushing the valuation to sky-high prices. Is it a reasonable premium for technological innovation, or is the bubble coming back? The following summarizes the core details, thrust and risks behind the craze.  Three new stars detonated oversubscription The MegaETH token auction that opened on Monday originally planned to raise approximately US$50 million, but ended up attracting more than US$1.3 billion in funds, which was oversubscribed 27.8 times, corresponding to a theoretical fully diluted valuation (FDV) of close to US$27 billion. The project was supported by Vitalik Buterin and Joe Lubin, and claimed to be able to achieve sub-millisecond latency, causing investors to rush in quickly. The decentralized privacy protocol zkPass also achieved its original target of US$2 million within minutes of going online, and the current subscription amount exceeds US$67 million. The project uses zero-knowledge proof to verify user information without revealing the original data, which is in line with the market's high concern for data protection. At the same time, the DEX Momentum on the Sui blockchain had a target of only US$4.5 million, but it was sold out in less than an hour, and finally earned US$82 million, with an oversubscription rate of 1,739%. Dropstab data shows that Momentum has received investment from Coinbase Ventures, Jump Crypto, and OKX Ventures, further amplifying market expectations. Capital, technology and FOMO are connected again The fact that three major projects can ignite investment sentiment in the same week is driven by three forces simultaneously. First, the technical narrative hits the pain point: MegaETH aims at Ethereum’s long-term congestion ； zkPass focuses on privacy verification ； Momentum takes advantage of Sui's parallel processing capabilities to build a liquidity center. Second, market liquidity is abundant. As a number of spot Bitcoin ETFs in the United States were approved in the summer, funds are looking for highly leveraged growth stories, and ICOs have become a channel for quick entry. Third, the fear of missing out (FOMO) sentiment is back on the rise. MegaETH adopts a "community participation" distribution mechanism to encourage early contributors to register first, further stimulating queues for subscription. Soaring valuations hide risks of bubbles Short-term madness also comes with long-term doubts. MegaETH is still expected to be officially launched in 2026, but FDV can rival mature public chains. ； zkPass and Momentum have yet to verify their business models and user retention. Brian Q, an analyst at Santiment, warned: “This wave of mania may just be a replica of the speculative bubble. Once market sentiment reverses, price fluctuations may intensify. 」 Valuation disputes aside, regulatory uncertainty still hangs over your head like the sword of Damocles. The legal definitions of token sales vary from country to country. If law enforcement becomes stricter, project advancement and token flow may be hindered. Token economic structures also need to stand the test of time. Taking zkPass as an example, the official token distribution plan includes multi-stage lock-up and linear release. It remains to be seen whether it can stabilize prices and incentivize the ecosystem at the same time. From fundraising halo to long-distance running Financing is just the starting point, the real test lies in product performance, developer community and user expansion. MegaETH must find a balance between sub-millisecond latency and security ； zkPass needs to prove that zero-knowledge authentication can be smoothly integrated with existing network services ； Momentum must maintain its liquidity advantage in multi-chain competition. For retail investors attracted by the popularity, independent due diligence and asset diversification are still basic skills. After all, the distance from concept to mass adoption in the crypto world has never been automatically shortened by funding fever. To sum up, the three consecutive ICOs in the late autumn of 2025 have injected new imagination into the market, and once again reminded investors: when technological narratives dance with the wave of funds, enthusiasm and risk often coexist. The next step depends on whether the project can convert oversubscription into real usage and gain a firm foothold in the uncertain regulatory and competitive environment. The above content is for reference only and is intended to disseminate more information and does not constitute any investment advice. Be sure to increase risk awareness. If you are still worrying about the ups and downs of the market, still staying up late watching the market, and still worrying about manual losses, then you can choose to believe in #Bosenquantitative robot, which monitors 24 hours a day and automatically captures band profits. Everything is simple and smart! QuantifyTrading artifact What is quantitative trading? 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