Prediction markets are heating up, but valuations vary wildly across players. Limitless has captured $700m in trading volume yet carries only a $227m fully diluted valuation—a stark gap compared to where competitors landed. Polymarket's $9b valuation and Kalshi's $11b raise the bar considerably. Limitless itself tells a cautionary tale: down 77% from peaks and processing 1m trades just in December, the token faces serious headwinds. Here's the crux—April 2026 unlocks another 65% supply hitting the market. That's a massive dilution wave incoming. Without a major catalyst or adoption surge before then, the math gets brutal. Either the token rallies hard heading into that unlock or holders brace for fresh selling pressure.