WAL is the kind of ticker traders scroll past because it does not scream for attention, and that is exactly why it keeps showing up on serious watchlists lately. Under the surface, it sits in a very specific intersection that markets have started caring about again in 2025: decentralized infrastructure, the Sui ecosystem, and the growing hunger for verifiable data storage as “AI everything” keeps pushing more value into data itself. WAL is the native token of Walrus, a decentralized storage network built on Sui and designed for large, unstructured files like images, audio, and video. To understand why some investors call WAL “underrated,” it helps to separate narrative from mechanics. The narrative is straightforward: storage is boring until the market suddenly realizes it is the base layer for everything else. The mechanics are what make Walrus interesting. WAL is not just a speculative governance chip; it is the payment token for storage, it plays a role in network security through delegated staking, and it is used for governance parameters. What matters to traders is that the protocol’s design aims to keep storage costs stable in fiat terms even if the token price moves, and then distributes storage payments over time to storage nodes and stakers rather than dumping everything instantly. That is a small detail with big market implications because it tries to align usage with ongoing token demand instead of one off hype cycles. The timing also matters. Walrus and WAL effectively “entered the real market” in 2025 around its mainnet era and exchange access. For example, MEXC publicly announced a WAL listing scheduled for March 27, 2025 (UTC). Crypto.com also announced WAL support in its app in the same broader launch window, framing WAL as integral to payments, security, governance, and long term participation. For traders, listings are not just about liquidity; they are about price discovery and whether a token graduates from niche venues into places where larger flows can actually touch it.Where the “underrated” argument gets more concrete is in the token structure and what it implies for supply pressure. Walrus states a max supply of 5,000,000,000 WAL and an initial circulating supply of 1,250,000,000 WAL. It also states that over 60 percent is allocated to the community via airdrops, subsidies, and a community reserve, with the published breakdown showing 43 percent community reserve, 10 percent user drop, 10 percent subsidies, 30 percent core contributors, and 7 percent investors. The unlock details are not cosmetic. Walrus describes 690 million WAL from the community reserve available at launch with linear unlock until March 2033, subsidies unlocking linearly over 50 months, and investors unlocking 12 months from mainnet launch. If you are modeling 2025 and early 2026 supply dynamics, that investor timing and the contributor vesting structure are the kinds of dates that can matter more than any tweet.Price wise, WAL spent late 2025 in the “liquid but not fashionable” zone. As of mid December 2025, major trackers showed WAL around $0.14 with a market cap a bit above $200 million, and circulating supply around 1.5 billion tokens. That is large enough to be taken seriously, but small enough that it can still be mispriced when the market rotates into a theme. It also means WAL is not priced like a brand new microcap lottery ticket, which tends to change how disciplined traders approach entries, exits, and risk.The unique angle for 2025 is that storage is no longer just about “Web3 needs decentralized Dropbox.” Builders now talk about data as an asset: data marketplaces, model training provenance, content authenticity, and permissionless access for agents and apps. Even the way some listings describe the project leans into this direction, positioning Walrus as infrastructure that lets builders and intelligent systems control and verify value from data. If that theme keeps strengthening, protocols that can credibly handle large unstructured blobs, not just tiny on chain bytes, tend to get re rated quickly because they are harder to replace than another DEX fork.None of this makes WAL a free win, and it is worth being plain about the risks. Decentralized storage is a competitive arena with established networks and different design tradeoffs, so adoption is never guaranteed. Token value ultimately depends on real storage demand and sticky usage, not on exchange listings. Walrus itself notes that slashing is a future feature “once enabled,” which tells you parts of the full security and incentive picture are still evolving. And if you are trading it, unlock schedules and liquidity conditions can matter just as much as fundamentals.If you want to track WAL like a trader but think like an investor, focus on a few reality checks instead of vibes: whether storage usage and builder activity keep expanding, whether staking participation remains healthy, how the protocol adjusts economics over time, and how supply unlock milestones line up with market cycles. WAL’s case as an “underrated gem” is basically this: it is tied to a real infrastructure problem, it sits in an ecosystem that keeps attracting builders, it has clearly published token mechanics, and it has been priced like an afterthought for stretches of 2025 despite having meaningful liquidity and market cap.
